 Donate a car to charity
|
Joined: May 2006
Posts: 3,971
Loquacious
|
OP
Loquacious
Joined: May 2006
Posts: 3,971 |
I have a vehicle on the corner for sale asking low private party 4 sale book, but no takers. I'm about to off it to charity for the tax tweak.
Any gotchas or pitfalls to doing this? I was the sole owner since day one, & to the best of my knowledge, there's nothing wrong at the major component level, & the vehicle was well cared for & runs very well, but I needed & bought a small pickup, and so wish to off the mini van.
A few of the people who've so far looked at the vehicle apparently expect miracles for $1,500. One guy told me he doesn't want to have to put $200 into it in 6 months. The vehicle has 158,000 miles on it.
Anyway, let me know if there are any pitfalls to donating a vehicle.
Thanks
|
|
|
Re: Donate a car to charity
|
Joined: Mar 2006
Posts: 1,540
Learned Hand
|
|
Learned Hand
Joined: Mar 2006
Posts: 1,540 |
If the tax tweak will help you then do it.
My brother in law did this with a old beater truck that he had been jumping in the fields, it wouldn't even roll onto the wrecker. But the tax break was worth more than scrap price. pretty straight forward, they give you a reciept.
You claim it.
|
|
|
Re: Donate a car to charity
|
Joined: Jan 2005
Posts: 7,630 Likes: 7
Monkey Butt
|
|
Monkey Butt
Joined: Jan 2005
Posts: 7,630 Likes: 7 |
Check the recent law changes. They changed the rules on this a year or so ago so that it is no longer as good a deal as it once was.
We all like to think of ourselves as rugged individualists. But when push comes to shove most of us are sheep who do what we are told. Worst of all, a lot of us become unpaid agents of whoever is controlling the agenda by enforcing the current dogma on the few rugged individualists who actually exist.
|
|
|
Re: Donate a car to charity
|
Joined: Feb 2007
Posts: 23,217 Likes: 61
Fe Butt
|
Fe Butt
Joined: Feb 2007
Posts: 23,217 Likes: 61 |
I don't know of any changes , not saying there aren't ,I just haven't heard of any yet. The only pit fall I remember is the value is low so the tax break is too and used to be quite a bit of paper work involved. Not sure how much if at all the laws very from state to state.
I learned all I need to know about life by killing smart people and eating their brains.
Eat right ,Exercise ,Stay fit, Die Anyway!
|
|
|
Re: Donate a car to charity
|
Joined: May 2006
Posts: 3,971
Loquacious
|
|
OP
Loquacious
Joined: May 2006
Posts: 3,971 |
Our accountant is stopping by later today to help us wrap up some other issues. I'll run the topic by her and report back.
I'm going back to work as a contractor / caretaker next week, with $0 taxes taken from my settlements, so the extry tax thing could prove helpful come April.
Thanks to all for the replies.
|
|
|
Re: Donate a car to charity
|
Joined: Nov 2006
Posts: 96
Member
|
|
Member
Joined: Nov 2006
Posts: 96 |
Bucky
My girlfriend donated her car to Good News Auto, they take the car fix it up and then give it to someone "in need." The good thing about this is you get the best tax bang for the buck. She would only get a couple hundred at most donate car places, since all they want to do is part/scrap it. Goodnews gives you 'full value' of the car. Hope that helps.
cheers capn
Hold my beer......
|
|
|
|
|
