That's right, at least for Fed taxes... - Saab Other Cars Bulletin Board - Saabnet.com
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That's right, at least for Fed taxes...
Posted by Noel (more from Noel) on Wed, 4 Jan 2006 14:36:03
In Reply to: I thought the tax rules on car donations changed, Hood, Wed, 4 Jan 2006 12:11:28
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I donated my old C900 and my Chevy S10 last year.
The charity said there is a flat allowance of $500 per vehicle *OR* what the charity gets above that amount. So if the car goes the crusher as scrap you can deduct $500. If it goes to auction and the charity gets $1500 you get to deduct that. I was told that the charity will send a letter specifying the amount if it is above $500. In my case both vehicles were probably turned into road signs, Hyundais or folding chairs.
There may also be state rules, so YMMV.
posted by 24.52.16...
Posts in this Thread:
- Do I dare trade in my 9000 aero?, FCAero, Wed, 28 Dec 2005 15:40:22
- Tahoe, Suburban, Yukon, Escalade not too bad....., Mike Lynch , Wed, 4 Jan 2006 00:33:33
- Good candidate to donate....., Mike Lynch , Wed, 4 Jan 2006 00:28:08
- How much you can get?, 2garfields, Wed, 28 Dec 2005 18:40:58
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