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Joined: May 2001
Posts: 1,631
Hard-core CEG'er
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OP
Hard-core CEG'er
Joined: May 2001
Posts: 1,631 |
hi guys..
My car's been dead since january... and i was going to to the head gasket job but i have no time for it nor the space to work on the car (not to mention that in most cases one ends up having to buying another head).
so i was thinking about either selling to a junkyard or donating to charity (and getting a tax deduction next year).
The junkyard is out of question.... they offered me $40 for it !! WTF !!!! Contours dont even hold their values on the dark side !!!
anyway.... has anyone ever donated a car? how about the tax deductions?
any input is welcome.
Thanks
BB
Anything is POSSIBLE... sowing the seeds of love"
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Joined: Apr 2002
Posts: 6,198
Hard-core CEG'er
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Hard-core CEG'er
Joined: Apr 2002
Posts: 6,198 |
Check out the American Red Cross. My brother donated his Contour to them, and got somewhere near KBB value for it. I bastardized it before it went, and it had a destroyed front suspension. They'll take it in pretty much any condition it seems.
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Joined: Jul 2004
Posts: 864
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Veteran CEG\'er
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Most charities are now required to give you the the sale price at auction of the vehicle for deduction, not the Blue Book value. Be careful when choosing a chairity, as you may end up with something like a $50.00 deduction. The link below will provide you with the information you are looking for. IRS website.
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Joined: May 2001
Posts: 8,770
Smurfette
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Smurfette
Joined: May 2001
Posts: 8,770 |
we had a thread about this in New England not too long ago when Zack was asking about his car: link
Kim
1995 Contour GL
Needs less "needs more"
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Joined: May 2001
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OP
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Originally posted by frenchblueC2:
we had a thread about this in New England not too long ago when Zack was asking about his car:
link
Good stuff girl!!
And ti suxs that this year dear IRS has changed the rules... I guess my deduction will depend on charity selliing price... which suxs big time!!
I'll contact Zack to see what happened at the end.
thanks
Anything is POSSIBLE... sowing the seeds of love"
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Joined: May 2001
Posts: 1,631
Hard-core CEG'er
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Originally posted by TheAlmightyMe:
Be careful when choosing a chairity, as you may end up with something like a $50.00 deduction.
SCARY !!!!
How do i know if they'll try to sell it at a good price??
Can I use the $500 minimum value next year when doing my taxes? 
Damn... $50 is bad.. but better than $40 to junkyard... those phuckers charged me $60 for each front window and now they want to pay me $40 for the whole car !!!
Anything is POSSIBLE... sowing the seeds of love"
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Joined: Jul 2004
Posts: 864
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Veteran CEG\'er
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Originally posted by BBorges:
Originally posted by TheAlmightyMe:
Be careful when choosing a chairity, as you may end up with something like a $50.00 deduction.
SCARY !!!!
How do i know if they'll try to sell it at a good price??
Can I use the $500 minimum value next year when doing my taxes?
Damn... $50 is bad.. but better than $40 to junkyard... those phuckers charged me $60 for each front window and now they want to pay me $40 for the whole car !!!
It entirely based on sale at the auction. If the car is donated to a relegious or childrens charity (i.e., one not likely to sell the car, but keep it and use it) I belive you can still get the full market value deduction. Check the IRS website link in my earlier post.
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Joined: Jun 2004
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Here is a good idea too: Sell it to someone who wants to put the time and effort into it, for like $500. Then dontate the money to a charity, deduct that, and you will feel good about yourself.
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