- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Sell or donate car to family member?
Posted on 7/10/16 at 2:00 pm
Posted on 7/10/16 at 2:00 pm
We just purchased a vehicle and want to give the old car to a family member. Is there a good or bad way of doing it? Any better tax implications to selling it at a token value vs doing a donation?
2
Posted on 7/10/16 at 3:18 pm to RaginCajunz
Sell benefits the receiver better.. Donate benefits the giver better
Posted on 7/10/16 at 5:04 pm to RaginCajunz
My church takes donated vehicles, repairs them, and GIVES them to a poor person.
The deduction is FULL RETAIL VALUE because they don't sell it; they give it away.
If you donate a vehicle and the charity AUCTIONS the vehicle off, you can only donate the AUCTION PRICE.
The deduction is FULL RETAIL VALUE because they don't sell it; they give it away.
If you donate a vehicle and the charity AUCTIONS the vehicle off, you can only donate the AUCTION PRICE.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News