2007-01-29 07:23:32 · 2 answers · asked by Vernadette C 1 in Cars & Transportation ➔ Other - Cars & Transportation
Look in the yellow pages for used auto parts, and call several of them to see what they would pay for your car.
If you donate a car to charity (only to a 501c3) you can write off the value of the car, up to $500 or the price the charity gets when they sell the car. Most likely they will not get $500, so your deduction, if you itemize, will be limited to $500. If you take the standard deduction (which unless you have mortgage interest or extreme medical bills is what is better for most people) you get nothing but a good feeling for your donation!!
Assuming you itemize, and are in a high tax bracket, your tax rate may be about 40% If that is the case, the $500 write of would be worth $200 to you. See what a junkyard will give you, and decide if the $200 on your 2007 taxes (which you file in 2008) is better or if the cash in hand that the salvage yard will pay is a better choice!!
2007-01-29 07:41:09 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
Don't salvage it , donate it and take the tax write off. Look in the yellow pages there are many places that will take it off your hands for free.
2007-01-29 07:29:48 · answer #2 · answered by cynical jade 4 · 0⤊ 2⤋