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Financial Planning / Tax Strategies


Subject:  Re: Donate Car for Tax or Sell? Date:  9/12/2007  4:20 PM
Author:  0x6a74 Number:  95828 of 127549

Since the charity isn't going to take a lot of time and effort to sell the car, they basically sell them on the wholesale market. So as a quick approximation, they'll sell for roughly the trade-in value of the car. That becomes your tax deduction.

it was my understanding they're generally sold at auction ... less than 'trade-in value'
( trade-in takes the car's actual condition into account; auction buyers assume something near on worst case )

and that some of the shadier 'Fundraisers' sell to 'friends' .. for even less than auction price

..... donated a car under the old rules
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