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Author: billythegoat Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120795  
Subject: Re: Tax rates, selling cars Date: 11/4/2004 5:18 AM
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I found the answer to the car question---you must deduct only fair market value of the car. As for tax savings, it would only save on taxes if the fair market value of the cars donated was more than the single person's general deduction of about $4700. In my case, with some of my other itemized deductions, I might be over the general deduction by a grand or two. And, then, even for the amount over the general deduction, I only save around$27 for every $100 donated (for 27% tax bracket)
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