2006-12-25 15:23:36 · 3 answers · asked by marine 1 in Business & Finance ➔ Taxes ➔ United States
You will not get the worth of it - you will get the tax savings from deducting the value of it. So if it is worth 4,000 and you are in the 25% tax bracket you will save or get 1,000.
2006-12-26 02:28:54 · answer #1 · answered by spicertax 5 · 0⤊ 0⤋
They changed the rules on this a couple years ago.
Assuming the charity is going to sell the car, you must wait until they sell it to see what your deduction will be. The charity will provide you with a 1098C after it is sold at auction with the amount listed. Typically, it is much less than fair market value.
If the charity is going to use the car and not sell it, then you can deduct the fair market value.
2006-12-26 00:39:03 · answer #2 · answered by Wayne Z 7 · 2⤊ 0⤋
If you donate it. You can write the book value off on your taxes. Get a receipt for it from whoever you donate it too. Have VIN number, make, year, model, mileage on the receipt.
2006-12-25 23:32:51 · answer #3 · answered by Get Real 4 · 0⤊ 2⤋