The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Donate Car for Tax or Sell?||Date: 9/12/2007 4:20 PM|
|Author: 0x6a74||Number: 95828 of 122552|
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
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|