i want to know how much of a tax break i will receive this year. the kbb value is $5,610. how does this break down, or will i get all of this money back?
2007-01-28 08:18:05 · 6 answers · asked by *HOT*GHETTO*MESS* 3 in Cars & Transportation ➔ Car Makes ➔ Chrysler
You have to contact the organization to which you donated the car. They will have someone there who can tell you how much of a break you'll get. In Canada, if you donate a car to the Kidney foundation, you get a $300 tax break, regardless of the car's worth.
2007-01-28 08:26:18 · answer #1 · answered by Raine M 2 · 0⤊ 0⤋
You don't get the money back. What happens is that you are allowed to deduct the value of the car from your income so you don't have to pay tax on all the income you earned. For example, if you earned $30,000 and the car you donated was worth $5,000, You would pay the same tax as someone who earned $25,000.
In the USA, Depending on your actual tax rate, it could save from about $500 - about $1,500 assuming a $5,000 value on the donation.
2007-01-28 16:28:32 · answer #2 · answered by John L 5 · 0⤊ 0⤋
You should have received the paper work when you donated your car. No, you won't get the money back. Only a reduction in your taxes.
2007-01-28 16:27:01 · answer #3 · answered by Vinegar Taster 7 · 0⤊ 0⤋
that was very kind of you, i wish i would have thought of that, i was so angered with my care sales person i gave it away to the person i hated the most, at least i had the satifaction of watching him go broke for the next two years trying to keep it running.
2007-01-30 12:02:56 · answer #4 · answered by t-bone 5 · 0⤊ 0⤋
they give you what is called the fair market value.that is what that kida car would go for in the open market.
2007-01-28 16:25:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
fair market value
2007-01-31 13:54:12 · answer #6 · answered by D.E.O.N. Sphinxxx 4 · 0⤊ 0⤋