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Car donation for tax write-off?

 
  #1  
Old 07-18-2008, 01:24 PM
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Last edited by GT3 Chuck; 08-14-2009 at 10:39 AM. Reason: embedded link
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Old 07-22-2008, 12:22 PM
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Donating a car is the worst idea ever, unless you don't care to get anything back from it. I donated my old truck that had a bluebook value of $4,500 last year to Goodwill. They auctioned it for $700. So $700 is all I got to deduct.
 
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Old 01-13-2009, 02:55 PM
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Re:

If you do come to a point where you will think donating your car is a good idea, use the Compare Car Donation List. They have a ranked list of places where you can donate your car with.

But, as my colleague said before, make sure the TAX benefit is worth it!
 

Last edited by GT3 Chuck; 08-14-2009 at 10:40 AM. Reason: misspell
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Old 01-20-2009, 07:33 PM
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The IRS changed the rule a few years ago. You only get to deduct what they auction it off for...
 
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Old 02-09-2009, 06:41 AM
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I agree with the rest, donating is seldom worth it. Now, if you want to donate strictly to benefit the recipient, that's another story.

Oh, love your sig loudes13!
 
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Old 02-26-2009, 09:59 AM
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Some good info here, didn't know about the auction part.
 
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Old 03-11-2009, 08:53 AM
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I just donated a truck last year...it probably wasn't worth much, but I wanted it out of my driveway!
 
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Old 07-10-2009, 08:31 PM
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Insure it. Burn it. Viola! JUST KIDDING.

Donate it not for a tax deduction, but if the beneficiary you are giving to is important to you. Otherwise, sell it to a high school kid.
 
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Old 08-14-2009, 10:20 AM
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If it was a company vehicle you can write off the difference as a loss....so $4500 value- 700 donation= $3800 on the books as a loss...we did this with one of our company vehicles about 4 years back...our CPA did...
 
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Old 08-15-2009, 09:31 AM
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best deal is cash for clunker if the car qualifies. i donated an old buick to humane society. make sure you release your liability with DMV. i got notices from car pound and such a year later. overall, i dont think it's a bad idea if the car is not worth selling or you would like to benefit the recipient. i only deducted a few hundred on tax return which made no difference.
 
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Old 03-12-2012, 12:31 AM
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Its worth it if you don't need an old piece of junk around your homes. That is when most people think of car donation. The point of charity isn't to benefit the donor. That would defeat the point!
 
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Old 11-02-2012, 06:37 AM
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Car Donation

Cars and other vehicles can be donated at any time of the year, from anywhere in the United States. You can donate to a local charity or a national charity with a local branch or to a national charity and its car donation program. If you're planning on taking a tax deduction from your vehicle donation make sure to allow plenty of time to gather together all of the documents you'll need and for the transfer of the vehicle to take place.
 
 
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