I have a car that is paid off. I know a family that is in desparate need of a car. The car has a value of around 8k. The family could not afford to make payments. If I give them the car, can I use the gift as a tax write off?
2007-07-23 09:24:28 · 10 answers · asked by phoward777 1 in Business & Finance ➔ Taxes ➔ United States
Nope, they are not a qualified orginization. But it will make you feel all warm and fuzzy if you do.
2007-07-23 09:27:51 · answer #1 · answered by lint 6 · 4⤊ 0⤋
I work on a committee that accepts car donations and gives them to needy families. We have been asked this question several times. The answer is NO. You also can't get around this by donating to an organization with the understanding that they will then give the car to the family you have in mind. They would be breaking the law and putting their own program in jeopardy.
2007-07-23 10:13:19 · answer #2 · answered by CarVolunteer 6 · 2⤊ 0⤋
No, there is no deduction for giving a vehicle to a family member. Only donations to registered charities are deductible. Not merely non-profits as there are plenty of non-profit organizations that are not registered charities.
As long as the value is less than $12,000 you won't trigger a Gift Tax event so you need not worry about that either.
2007-07-23 09:42:01 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋
No you can't write it off, although it would be a very nice thing if you gave them the car. You can only write off contributions to approved charities - and even then, if you designate the gift to go to a particular person or family, you can't write it off.
2007-07-23 11:01:48 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
No
And you can't even give it to them thru a charity.
The only way to legally do it is if the family establishes a Non-Taxable Charity...then you could donate it to them and receive a tax deduction.
Oh, did I mention that even if they do this there are special rules for cars.
2007-07-23 11:01:36 · answer #5 · answered by Russ B 6 · 0⤊ 1⤋
Commuting is never deductible, for school or work. If you are a dependent, your parent claims the Hope Credit or Lifetime Learning Credit, even if you paid the tuition.
2016-05-21 03:35:21 · answer #6 · answered by loren 3 · 0⤊ 0⤋
No. Only gifts made to charitable organizations and then, only if you itemize rather than take the standard deduction/
2007-07-23 09:31:44 · answer #7 · answered by skipper 7 · 4⤊ 0⤋
Nope, it has to be a legal tax exempt orginasation. Sorry, nice thought though.
2007-07-23 09:27:54 · answer #8 · answered by randy 7 · 3⤊ 2⤋
No. Only donations to registered non-profits are deductible.
2007-07-23 09:26:43 · answer #9 · answered by Anonymous · 4⤊ 2⤋
I believe so, but you might want to check as to that value. It may have to be "Blue Book" value based on condition.
2007-07-23 09:27:30 · answer #10 · answered by Anonymous · 1⤊ 6⤋