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This may be a leading question (Read 1,624 times)

Rowdy Vaughn

WR Noob
Offline

WR Rocks!

Posts: 21

Elgin
Texas
USA
Gender: male

This may be a leading question
May 23^rd, 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 WR Addict Offline WR Rocks! Posts: 626 Pueblo West, CO Colorado USA Gender: Robust American Beauty	Re: This may be a leading question Reply #1 - May 23^rd, 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 WR Addict WR Patron Offline WR Rocks, BIG Time! Posts: 13,194 Glendale, AZ Arizona USA Gender:	Re: This may be a leading question Reply #2 - May 23^rd, 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.
Back to top	Mentor Basics, Pens, small stuff, Acrylics, EasyRougher. Just Turnin' Around! Glendale, AZ "Right now I'm having amnesia and deja vu at the same time. I think I've forgotten this before." - Steven Wright IP Logged

Rowdy Vaughn WR Noob Offline WR Rocks! Posts: 21 Elgin Texas USA Gender:	Re: This may be a leading question Reply #3 - May 23^rd, 2014 at 10:13am Jim/Al, thank you both for your input..
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David Hill Senior Member Offline Using all Texas woods but prefer Mesquite Posts: 492 Cuero Texas USA Gender: Nova 1624 Laguna 18/47 Robust American Beauty	Re: This may be a leading question Reply #4 - May 31^st, 2014 at 11:06pm Wow, bummer for me---all of my wood is free stuff. Does that mean I'm worthless??
Back to top	Everyday liberating nice things from ordinary chunks of wood---and I like gnarly wood, the outcome is nearly always better than the start. IP Logged

JimQuarles WR Addict WR Patron Offline WR Rocks, BIG Time! Posts: 13,194 Glendale, AZ Arizona USA Gender:	Re: This may be a leading question Reply #5 - May 31^st, 2014 at 11:23pm David Hill wrote on May 31^st, 2014 at 11:06pm: Does that mean I'm worthless? You said it, not me...
Back to top	Mentor Basics, Pens, small stuff, Acrylics, EasyRougher. Just Turnin' Around! Glendale, AZ "Right now I'm having amnesia and deja vu at the same time. I think I've forgotten this before." - Steven Wright IP Logged

Ron Sardo WR Administrator WR Patron Offline Chief cook and bottle washer Posts: 9,674 Drums Pennsylvania USA PM 3520	Re: This may be a leading question Reply #6 - Jun 1^st, 2014 at 7:24am David Hill wrote on May 31^st, 2014 at 11:06pm: Wow, bummer for me---all of my wood is free stuff. Does that mean I'm worthless?? 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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