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Author: jcopenhaver One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124931  
Subject: Re: Donating car for tax deduction Date: 10/9/2001 11:46 AM
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I donated a car a couple of years ago and it worked out just fine for us. Since I gave it to the Salvation Army, I was able to deduct it as a charitable contribution. Since the car was quite old, I used the Kelly Blue Book value (in this case was wholesale price) for a car in excellent condition. It actually lowered my taxes about 1/3 the value I listed for the car. I came out ahead because I didn't have to mess with selling the car, didn't have to mess with car dealers and trying to squeeze out the last penny of value with them, dealing with someone that wants their money back because something breaks after they purchased it from me... and finally... at the end of the day, I knew that I had done something good for people that needed the help.

Get a copy of Turbo Tax and play around with how it will change your refund.


Jim C.
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