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My wife and I have been car shopping and have repeatedly been told our old trade-in might be better donated to take the tax break as all the dealerships will simply wholesale it and give us next to nothing. My wife and I will not itemize our taxes as we rent and would not have enough deductions to overcome the standard deduction. Dose this mean that the donation would not help? If it would, how do I calculate the actual return. I know it depends on our AGI, but I don't really want to give that out. I can work with numbers, what I really need is the equation.
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