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This may be a leading question (Read 1,278 times)
 
Rowdy Vaughn
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Elgin, Texas, USA
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This may be a leading question
May 23rd, 2014 at 8:59am
 
but here it goes anyway.
I sell a few of my turnings but I tend to donate more of them (flat work as well) than I sell to different non-profit organizations for auctions etc. 
The question I have is how to value the work given for auctions.
Do I use fair market value of what I can sell similar turnings for in my area?
Any feedback will be appreciated.

Cheers,

RV 
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Al Wasser
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Pueblo West, CO, Colorado, USA
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Robust American Beauty
Re: This may be a leading question
Reply #1 - May 23rd, 2014 at 9:29am
 
I don't think you will like the answer or what I have found out on this........    You can only deduct your cost.  Your labor has no value nor does your  skill.  Your tax person may tell you differently so check
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JimQuarles
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Re: This may be a leading question
Reply #2 - May 23rd, 2014 at 9:49am
 
I do taxes for a living.  Your deduction is the lesser of Fair Market Value, or your basis in the item.  the FMV is what you would normally sell it for, and the basis is your out of pocket cost.  So if you have a $10 pen kit and a $5 blank that would sell for $50, your deduction is $15.
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Mentor Basics, Pens, small stuff, Acrylics, EasyRougher.
Just Turnin' Around!  Glendale, AZ  Cool Cool

"Right now I'm having amnesia and deja vu at the same time.
I think I've forgotten this before." - Steven Wright
 
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Rowdy Vaughn
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Elgin, Texas, USA
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Re: This may be a leading question
Reply #3 - May 23rd, 2014 at 10:13am
 
Jim/Al, thank you both for your input..
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David Hill
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Re: This may be a leading question
Reply #4 - May 31st, 2014 at 11:06pm
 
Wow, bummer for me---all of my wood is free stuff.  Does that mean I'm worthless??    Shocked
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Everyday liberating nice things from ordinary chunks of wood---and I like gnarly wood, the outcome is nearly always better than the start.
 
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JimQuarles
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Re: This may be a leading question
Reply #5 - May 31st, 2014 at 11:23pm
 
David Hill wrote on May 31st, 2014 at 11:06pm:
Does that mean I'm worthless?

You said it, not me... Roll Eyes Roll Eyes
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Mentor Basics, Pens, small stuff, Acrylics, EasyRougher.
Just Turnin' Around!  Glendale, AZ  Cool Cool

"Right now I'm having amnesia and deja vu at the same time.
I think I've forgotten this before." - Steven Wright
 
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Ron Sardo
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Re: This may be a leading question
Reply #6 - Jun 1st, 2014 at 7:24am
 
David Hill wrote on May 31st, 2014 at 11:06pm:
Wow, bummer for me---all of my wood is free stuff.  Does that mean I'm worthless??    Shocked



Reminds me of the old joke

Son: "For $10 I'll be good."
Dad: "When I was your age I was good for nothing!"
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