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Is My Car Donation Tax Deductible?
Question by Selena | Posted in New York City
I'm Selena I appetite to donate my car in a charity organization on http://www.outreachcenter.com so anyone knows my donation is tax deductible?
Answer: Yes but if your car is valued at more than US$500, then your reduction is limited to the charity's actual selling price which you are NOT entitled to know before donating your car.
Patronize, to benefit from a car donation, you have to itemize your taxes. Your certified accountant can
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Serious Question About Tax Back(car Donation)(and I Was In School)?
Question by w.magda47 | Posted in United States
So i donated my car last year when the dissemination blew. my total tax money from federal and state was about 4400 dollars and i was in credo and have that slip that should give me full back. My question is the tax paper from the car donation came back and said it was sold for 2000 dollars. if i already
Answer: If you tabulate your deductions, which I suspect you do not, the contribution of a car that sold for $2,000 would reduce your tax due and increase any refund by $2,000 times your small tax rate which is probably 15% or $300. If you take standard deduction, it will have zero outcome.
I'm an distinct contractor in need of some tax write-offs. It was suggested to me by an accountant that I purchase a car for a few hundred dollars, and then sometime during the year, grant it to a specific charity (a local church) that offers a minimum $1,000 tax ignore-off for car donations.
Answer: First of all, no, it doesn't line like that. Second of all, even if it did, it would likely cost you money, not save you money.
1) Until a few years ago, you hand-me-down to be able to deduct the fair market value of a donated car. Then Congress changed the rules to ice a lot of the
www.harborfinancialonline.com Car Donation Tax Reduction for 2010, 2011
Different Types of Car Donation Programs | donate automobile
by alex
There are several things which one should heed before making a donation in the car donation programs. For occurrence, there are other types of programs like those for profit and those which are otherwise. Of surely, donations are accepted by both types of programs but there will be central differences which will oblige it undisturbed to adjust between the two.
Good will organizations are connected with both types of programs, namely the profit and the non-profit programs. But there are differences in the method and the amount of donation proceedings that go to the kind-heartedness. It is always less ill for the benefactress to have a precise construct as to how the car donation programs utilize the donation. The American regulation helps in deducting tax if a giver makes a car donation. These amounts modify in the two types of programs. So the benefactor should discern the intricacies of the method so that he gets the zenith amount of tax benefit.
