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Author: vpotluri Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120809  
Subject: Deduction for donationg car Date: 12/22/1998 8:19 AM
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I have a car that I want to donate. My wife & I differ on when to donate. This year our gross income will be about $60,000. Next year it will be about $200,000.

Which year is best to donate the car for deduction? Would it be better for me to donate it this year and take deduction now or wait till January and donate it to take deduction from 1999 taxes?

If the deduction is for $5000, does it really make a difference if we donate next year (I mean paying taxes on $200K vs. $195K. Will we be in the same tax bracket?).

Will we get more tax benefit if we donate next year as opposed to this year?
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