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Financial Planning / Tax Strategies
|Subject: Donate Car for Tax or Sell?||Date: 9/11/2007 4:43 PM|
|Author: fktNM||Number: 95808 of 122648|
I have a '99 Ford that is on its last legs - 150,000 miles. Still runs well but will need more and more repairs. I want to get rid of it. Blue book value is $1700 - $2500 depending on condition. Carmax will give me $750.
I recently heard an ad on a radio station about donating a car for tax write off. I know that laws changed last year - I think you can only write off what the organization actually gets for your car rather than putting in a blue book value.
I was trying to figure out which of two options would make most sense from a financial standpoint?
My wife and I itemize about 20,000 each year. Any input would be appreciated.
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