Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev | Next
Author: jcopenhaver One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121432  
Subject: Re: Donating car for tax deduction Date: 10/9/2001 11:46 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0

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.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Saul's Investing Discussions

Why Did I Buy a Bunch of PFIE Today?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.