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Posted on 7/28/16 at 12:51 pm to Womski
I donated my old falling apart truck to bridge house several years ago. Very easy. I imagine the process is the same. At pick up they give you the option of a $500 tax credit just straight up or their mechanics will assess repairs. If the mechanics think the repairs aren't worth it then they send it off for scrap, and you get the scrap value as a tax credit. If they decide to repair it then I believe you are able to use the sale price as a tax credit. I don't quite remember on that last one. Whether or not this is worth it to you depends entirely on your individual tax situation.
Posted on 7/28/16 at 1:55 pm to Womski
frick NPR, donate it to a organization that teaches individual independence rather than governmental reliance.
Posted on 7/28/16 at 2:14 pm to Womski
Not a donation to NPR, but you could donate a car to a prospective football player at Ole Miss. However, I do not think you can get any tax relief for such donation.
Posted on 7/28/16 at 2:28 pm to Womski
Just remember that you have to have some sort of value determination, even if it's KBB or something. The thing is though, if you donate the car with a "value" of $2000 but the charity ends up scrapping it because of problems, you actually only get a write-off for the amount they scrapped it for.
Even so, it's a tax DEDUCTION, not a CREDIT. If it's valued at $2000 and you're in the 25% bracket, you get a $500 deduction. In most cases, I think you're better off selling the car for cash and doing the title as a gift or a very small sale price.
Even so, it's a tax DEDUCTION, not a CREDIT. If it's valued at $2000 and you're in the 25% bracket, you get a $500 deduction. In most cases, I think you're better off selling the car for cash and doing the title as a gift or a very small sale price.
Posted on 7/28/16 at 2:36 pm to MLCLyons
What about your local high school shop class? The tax "break" isn't that great
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