The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Donate Car for Tax or Sell? Date:  9/11/2007  9:46 PM
Author:  ptheland Number:  95815 of 124572

I was trying to figure out which of two options would make most sense from a financial standpoint?

OK. I'll admit up front that you've hit one of my pet peeves. So apologies in advance, as I'm probably going to get a bit riled up.

Based on the way you asked the question, this is a simple decision. But let's review quickly just so you can see why I say that.

What is the allowable deduction for a donated auto? Today, it is the "sales price" the charity gets for selling the car. I'll explain the quotation marks in a minute - that will be the ranting part.

Since the c