What % of the kelly blue book value to you get when you donate a car to charity, and is your income factored?

Question

I am donating a 93' Tercel with 90K miles, how much money will I get, and how will I get it.

I am a student and I work a part time job and make like 4k a year pay for gas/food and help pay for college. Would I be best donating it or trying to sell it? (It has engine problems)

Answer 1

You can deduct the value as listed for "individual sale" ( the full 100%) when you do the donation to charity. Also you can ask the charity organization to give you an estimate/receipt for what they value the car for. Your income is not factored in as to how much you will get?
if you are donating you cannot get any money, what you will get is a large deduction you can make when you calculate the tax you owe.

Answer 2

I thought the tax laws changed recently? You only get to deduct what the charity sold the car for as opposed to the blue book value. So if the book is $3000, but they auctioned it off for $1200, you only get to write off $1200. This may well only be a state thing, I am not sure if this applies to federal taxes.

Answer 3

You won't get any money! You're donating the car!

You MAY get a tax deduction for whatever the charity sells the car for. If they opt to keep the vehicle, you won't get any tax deduction at all.

And you won't get any tax deduction unless you itemize your deductions. If you don't own a home with a mortgage on it, you probably won't have enough deductions to make that worth while.