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Financial Planning / Tax Strategies


Subject:  Re: Donate Car for Tax or Sell? Date:  9/11/2007  11:11 PM
Author:  irasmilo Number:  95817 of 127613

If you really want to help a charity and have an old car lying around, toss an ad in the paper with a low price and sell it yourself quickly. Then give the money to the charity. You are in exactly the same position - you get a charitable donation for the sale price of the car. But the charity gets a whole lot more money. The commercial fundraiser is cut out of the picture, and your buyer gets a better deal on the car than they would by buying after the car has gone through a couple of wholesalers.

If Peter (or anyone else) hadn't mentioned this first, this would have been my recommendation. In fact, here's a case where you can eat your cake and have it, too. (Yes, that's the correct order -- anyone can have a cake and then eat's a bit more difficult to do it the other way around <g>). After you sell the car, you can give the charity whatever amount they would have received if they sold it, and then you can keep the difference (if you're selfish) or split the difference, if you want to be more generous.

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