CrazyIvan 0 #1 December 14, 2004 Let's say that I have a vehicle which I want to donate, the estimated value is $1000, the organization getting the vehicle gives me a receipt for the vehicle in that amount, at the end of the year when I do taxes, will I get $1000 or how that works?. I'm curious, just saw an ad on the paper regarding vehicle donations.__________________________________________ Blue Skies and May the Force be with you. Quote Share this post Link to post Share on other sites
kai2k1 0 #2 December 14, 2004 The way that i understand it is you have to itemize your deductions, and in order to itemize your deductions, all of your expenses must be more than the standard deductions in order to get the credit. I found this out last year when i donated all my "fat boy" clothes to an organization that gave me a tax receipt for them. There's no truer sense of flying than sky diving," Scott Cowan Quote Share this post Link to post Share on other sites
pleifer 0 #3 December 14, 2004 Assuming you have enough deductions, the $1000 will be $1000 less of taxable income. So if your in a 30% tax bracket then your taxable income will go down $1000 and that would be $300 you would not have to pay. _________________________________________ The Angel of Duh has spoke Quote Share this post Link to post Share on other sites
mailin 0 #4 December 14, 2004 I donated a car once - but didn't get a receipt with the exact amount the car was worth, just got a general letter that I submitted with my taxes. Instead I was able to deduct up to the max allowed, which was $5k - no way in HELL was that car worth $5k, but I got the deduction for it! JenArianna Frances Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #5 December 15, 2004 QuoteLet's say that I have a vehicle which I want to donate, the estimated value is $1000, the organization getting the vehicle gives me a receipt for the vehicle in that amount, at the end of the year when I do taxes, will I get $1000 or how that works?. It may be worth noting hat this is the last year you can claim the blue-book value for a donated car. In the future you'll be credited for the actual sale price if the charity liquidates in 30 days; no clue what happens otherwise. Quote Share this post Link to post Share on other sites
CrazyIvan 0 #6 December 15, 2004 QuoteIt may be worth noting hat this is the last year you can claim the blue-book value for a donated car. In the future you'll be credited for the actual sale price if the charity liquidates in 30 days; no clue what happens otherwise. So if they sell the car for $100 that would be the tax credit?...DANG!!!__________________________________________ Blue Skies and May the Force be with you. Quote Share this post Link to post Share on other sites
