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Started By
Message
Anybody ever donate a vehicle to a person they know?
Posted on 5/12/14 at 8:51 pm
Posted on 5/12/14 at 8:51 pm
I am trying to figure out tax payment. Selling for cheap vs. donating.
16
Posted on 5/12/14 at 9:06 pm to tigerfan898989
DMV knows what it's worth, nobody gets away with that shite
ETA: you can make up for it on income tax, IRS is more generous
ETA: you can make up for it on income tax, IRS is more generous
This post was edited on 5/12/14 at 9:09 pm
Posted on 5/12/14 at 9:07 pm to tigerfan898989
I had an old car with 250k that needed some work... Blue book was 1300, to donate you can only deduct the price the donee sells it for or actual worth based on wear/tear...You can't deduct the actual book value.
I ended up salvaging for 400$, too much hassle otherwise.
I ended up salvaging for 400$, too much hassle otherwise.
Posted on 5/12/14 at 9:08 pm to tigerfan898989
Charitable donation has to be to an organization, not an individual
Posted on 5/12/14 at 9:09 pm to tigerfan898989
There are outstanding advisers in Tuscaloosa who'd be willing to assist.
Posted on 5/12/14 at 9:09 pm to chickman1313
You can give a vehicle as a gift in Texas
Posted on 5/12/14 at 9:10 pm to chickman1313
quote:
Charitable donation has to be to an organization, not an individual
I think you can actually give gifts (like cars) without incurring taxes...pretty strict regulations surrounding it, though...
probably get better answers for this on the money board...
Posted on 5/13/14 at 12:53 am to Spankum
anyone can donate a vehicle in louisiana. ive traded cars with people and we always did a act of donation.
my buddy just had a street bike donated to him from his wife and its a $8,000 bike.
how would one pay taxes on car being sold?
ive sold over 30k in cars and never pay a cent.
plus we always value each car in the $100-500 dollar range at the max. and most are 4k-8k in value.
my buddy just had a street bike donated to him from his wife and its a $8,000 bike.
how would one pay taxes on car being sold?
ive sold over 30k in cars and never pay a cent.
plus we always value each car in the $100-500 dollar range at the max. and most are 4k-8k in value.
Posted on 5/13/14 at 1:47 am to tigerfan898989
My brother's friend gifted a car to him. Don't know how it would affect your taxes.
This post was edited on 5/13/14 at 1:48 am
Posted on 5/13/14 at 2:00 am to tigerfan898989
Posted on 5/13/14 at 2:06 am to tigerfan898989
quote:
Anybody ever donate a vehicle to a person they know?
Ha....more times than is reasonable. One time I sent my girlfriend to get a day at the spa so I could go and buy my side piece a car!
Ohhhh......to be young and rich again! Posted on 5/13/14 at 2:20 am to tigerfan898989
I seem to remember something close between 2 men I worked with. One, 35 sold the younger man, 22, his car for $1. I don't think it was written up any other special way though its probably completely different than what you're saying. He was trying to help this kid out, not get a tax break.
Posted on 5/13/14 at 8:57 am to Lightnin Hopkins
In louisiana you can donate a car to a relative. My sister just donated a car to my aunt last week.
Posted on 5/13/14 at 8:58 am to tigerfan898989
You got a crimson Challenger you're trying to get rid of?
Posted on 5/13/14 at 9:03 am to tigerfan898989
The donee or person it is donated to is responsible for the taxes. The donor paid taxes on it when it was originally acquired.
Or are you trying to write off the donation on income taxes?
Or are you trying to write off the donation on income taxes?
Posted on 5/13/14 at 9:05 am to tigerfan898989
every car I have ever sold, The "sale" price was always less than the cash I received for their benefit.
I have donated a truck and a boat too.
Nice to get a little help with taxes. the IRS isn't going to go look for the car even in an audit.
I have donated a truck and a boat too.
Nice to get a little help with taxes. the IRS isn't going to go look for the car even in an audit.
Posted on 5/13/14 at 9:06 am to tigerfan898989
Donated my nephew a car 2 years ago, no issue with DMV. I think all we did was a notarized act of donation.
Posted on 5/13/14 at 9:21 am to tigerfan898989
Donated a couple. IDK the tax implications.
You mean like sales tax or tax deductions?
You mean like sales tax or tax deductions?
Posted on 5/13/14 at 9:23 am to Paige
quote:
You can give a vehicle as a gift in Texas
True, but if it's new, they will have to declare it as income.
Posted on 5/13/14 at 9:24 am to tigerfan898989
quote:
I am trying to figure out tax payment. Selling for cheap vs. donating.
avoid the hassle and go to the local notary office. They handle it all for about $130. Act of Donation, title transfer, registration, etc. very good value IMO.
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