Would I get anything in return if I donate my car? (For e.g : return in taxes)?

Answer 1

Yes, you can deduct your donation from your income tax return IF you itemize your deductions (instead of taking the standard deduction).

The amount you can deduct depends on what the charity does with the car.

If they just sell it for cash, then you can only deduct the amount they actually sold it for.

If the charity uses the car itself as part of their purpose (such as a charity that gives cars to needy families), then you can deduct the "fair market value" of the car.

Note, the deduction law was toughened in 2005. Before that, you used to be able to deduct "fair market value" no matter what the charity did with the car. But too many people were donating junkers and writing off full market value, even though in reality they were sold for much less.

Answer 2

Depends upon the charity. Salvation Army will give you a deduction, others will not. Call around and see what charities's donations are tax deductable, and how much. Also, state that the car is "as-is" with no implied warranties or guarantees. My mom donated a car one time to her local Foodbank, and they actually had the nerve to call her and ask her to come get it because there was a problem with a converter, and it did not run.

Donating cars is more for the "I want to do good for my fellow man", than the actual "getting money in return."

Answer 3

To realize any tax (1040 sched A)benefit from donating your car you must choose an organization that is truly non profit and make sure you get a receipt. Depending on the value of the car you may have to spread the donation over a few years as there are limits on deductible annual amounts.

Answer 4

you in simple terms get ANY tax income from a donation in case you itemize. maximum people who do not own a house have not got sufficient comprehensive deductions to itemize, seeing that 2 of the main elementary vast deductions are loan pastime and belongings tax. whether you do itemize so which you will take a deduction on your motor vehicle donation, you will save in simple terms a small % of its fee in taxes. Your deduction is the quantity they sell the motor vehicle for, and numerous of the time the charity will public sale or wholesale it. So in case you donate a motor vehicle nicely worth $5000, they in all hazard might get under $4000 for it. and additionally you won't get $4000, in simple terms a small % of that. once you're in a fifteen% tax bracket, and that they offered it for $4000, your tax value reductions could be $six hundred - it rather is all you will get at maximum for the $5000 motor vehicle you donated.

Answer 5

Yes, call the salvation army to come get it, you are guaranteed a minimum of $500 tax write off.