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Want to donate a cake for an event, value question

post #1 of 2
Thread Starter 
I do not have a cake business, but I do like to make cakes. Our church has a youth group auction where they raise a lot of money for our thriving youth ministry, people donate things they've made or services etc.

I want to donate an animal cake. I've switched to making the same shape cake (2 6x2" cakes with a round top) into an animal that my sons choose for their birthday. People seem to really like them and I thought I could offer making a cake for someone and they can pick what animal.

I have about four of these in my gallery. They're just little cute cartoon type animals, nothing really fancy. We're supposed to put a value on what we're giving as an estimate for their records. What do you think it would be for something like that? It takes me about $25 for materials and about 2-3 hours to make the cake depending on what it is.
post #2 of 2
You would typically go with the fair market value, which is what someone would pay if they purchased the cake from a bakery. FMV would probably be in the $70-140 range depending on the cost of living where you are.

If you plan on using the donation as a tax deduction for yourself, you would use the FMV (assuming the direct recipient is a qualified charitable organization).
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