The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Donate Car for Tax or Sell?||Date: 9/11/2007 5:21 PM|
|Author: reallyalldone||Number: 95811 of 121585|
My wife and I itemize about 20,000 each year. Any input would be appreciated.
It's more about your AGI and that you itemize than the amount you itemize. There is a level where there's a phaseout of itemized deductions. See http://www.irs.gov/publications/p501/ar01.html
Your donation amount will be what the charity actually gets after the sale of the vehicle.
You'll need to run the numbers to see what works best for you. Also, if trading it is another option, check how it might impact the tax on the new vehicle.
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