2007-04-05 07:12:32 · 3 answers · asked by legaleye2005 1 in Business & Finance ➔ Taxes ➔ United States
If you itemize, and donate a car to an eligible organization, they must give you a form saying what they sold it for - that's how much you can deduct. You won't know the number until after it's sold.
I'm not sure what you mean by a "rebate". The tax benefit to you, if you're already itemizing, will be that value times the percent that's your tax bracket. If you don't itemize, there will be no tax benefit.
2007-04-05 16:24:30 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
I received all information from the charity that I used for my donation but if your charity does not offer such information I recommend to visit http://tax-solution.cardonatehelper.org
Have fun with your research and even more with the results of your donation - sharing just make more happy than anything else :)
Take care!
Tarsha
It's Official: Sharing Makes Us Happier!
2014-04-29 17:57:58 · answer #2 · answered by ? 2 · 0⤊ 0⤋
The car needs to be donated to an organization. If it was and it was auctioned then you only get to deduct the amount that it was auctioned for. If the org. kept it for use then you can deduct the FMV of the car in Sch A
2007-04-05 14:27:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋