2006-11-04 02:05:48 · 6 answers · asked by mexchger 1 in Business & Finance ➔ Taxes ➔ United States
i think it should be the current market value of the car
2006-11-04 02:14:26 · answer #1 · answered by sushobhan 6 · 1⤊ 1⤋
The charity will give you a form to file with your tax return. The write off will be the fair market value of the car. Make sure you are donating to a charity that will give you the tax form that you will need to file with your return. Also, you will only get this writeoff if you itemize your deductions. If you use the standard deduction, no write off. Also is you need the deduction for this year, make sure you get it done now. Often you have to wait a couple of weeks before the charity gets around to picking up the car. When I did this, they picked up the car Dec. 31...just in the nick of time.
2006-11-04 02:15:46 · answer #2 · answered by juncogirl3 6 · 0⤊ 1⤋
If the charity will use the vehicle in its charitable purpose - ie if you donate a van to a charity that delivers used furtniture to the needy, you should be able to deduct the fair market value of the vehicle.
If the charity sells the car, they are required to tell you what they sold it for. Your deduction is limited to what they are able to sell the vehicle for.
2006-11-04 02:51:38 · answer #3 · answered by Anonymous · 2⤊ 0⤋
The fair market value if the charity uses the car for their purposes for at least one year. What they sell it for if they don't use it.
2006-11-04 10:59:21 · answer #4 · answered by waggy_33 6 · 1⤊ 0⤋
You must realize that you get no write off at all if you do not itemize your deductions. This is included with other itemized deductions and if you don't have enough to itemize it means nothing.
2006-11-04 09:10:27 · answer #5 · answered by irongrama 6 · 1⤊ 0⤋
the laws have changed on this. you can only deduct what the charity sold it for.
2006-11-04 02:07:41 · answer #6 · answered by george 2 6 · 3⤊ 1⤋