We are donating a used car to a charitable organization. If it is done before April 15th filing deadline can I use it against 2006 Tax year's income?
2007-04-04 17:19:41 · 10 answers · asked by tri_valley_bear 2 in Business & Finance ➔ Taxes ➔ United States
You should also be aware that tax write offs on car donations changed. You can no longer just claim a value of the donation, but rather you write off what the organization can sell the car for.
2007-04-04 17:43:54 · answer #1 · answered by A5150Ylee 4 · 2⤊ 0⤋
All of those above are correct on the year that you can claim it. A bit more information on what you can claim: if the charitable organization gives it to a low income individual (or sells it substantially below market), you can claim fair market value. There are a couple of other cases also. If they just sell it, you are indeed restricted to what the charity gets.
For the fair market value, if the value is greater than $5000, you need an appraisal. If the value is 500-5000, you can use www.kbb.com (plus the paper work from the charity).
2007-04-05 04:56:09 · answer #2 · answered by CarVolunteer 6 · 0⤊ 0⤋
No, to use it on your 2006 return you would have had to have made the donation in 2006. You can use it on your 2007 return.
To take a deduction for a donated vehicle you'll need a letter from the recipient organization that lists the amount of money they received for it when they sold it. That is the amount you can deduct, regardless of what the fair market value is.
2007-04-04 18:43:58 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
No, the cutoff for donations to count for 2006 taxes was 12/31/06.
2007-04-04 17:23:30 · answer #4 · answered by Judy 7 · 2⤊ 0⤋
No. You are filing your 2006 taxes. The cut off for anything is December 31. Anything done this year will be filed for next year in 2008. Sorry.
2007-04-04 17:23:03 · answer #5 · answered by kj 7 · 0⤊ 0⤋
Neither. Income taxes are not used as a form of charity. We have an obligation as a nation to take care of our poor, but that does not mean we should support them indefinitely. Local communities, like churches, can do far more for the poor than the government ever will.
2016-05-17 08:50:38 · answer #6 · answered by ? 3 · 0⤊ 0⤋
No. You had to have donated it by Dec. 31 2006
2007-04-04 17:26:06 · answer #7 · answered by Shakesfear 2 · 0⤊ 0⤋
Nope; must use it for 2007 unless you are filing your taxes on a fiscal year, which is unlikely. Also, you will need a valid fair market appraisal and a receipt from the organization in order to deduct it at all.
If you want to fund an IRA for 2006, you have until April 16th of this year to do that.
2007-04-04 17:24:20 · answer #8 · answered by fearslady 4 · 0⤊ 2⤋
No becuase if you get any proof of donation it will be dated 2007, therefore you can claim it in 2008.
2007-04-04 17:23:48 · answer #9 · answered by jmk 486 2 · 0⤊ 0⤋
No
2007-04-04 17:27:08 · answer #10 · answered by jrtcpa@sbcglobal.net 2 · 0⤊ 0⤋