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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 121104  
Subject: Tax rates, selling cars Date: 11/4/2004 2:20 AM
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Here's my questions, one about donating cars, and one about tax rates from selling stock:

1.I have two cars that I bought this past Spring for about $2500 each, plus I have put in another $1000 or so to keep them running, so total I have about $6k in these cars. I am going to sell them, but will be lucky to get $3500-$4000 for both of them, leaving me at a $2000 loss for these cars.

If I donate them to charity, can I claim a $6000 donation? If so, when I do my taxes, I would deduct $6000 from my earnings, right? But then how much money would I save for taxes?I wouldn't save $4000 in taxes would I? If not, it's financially better for me to just sell the cars, right?



2. When I hold my stock for less than a year, is the tax rate on the gains 35%? What about if I hold for more than a year? Is it 15%? Is there any talk about the investment tax rate being reduced more? I read the FAQ, but the tax rate articles are a couple years old.
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