Message Font: Serif | Sans-Serif
No. of Recommendations: 1
Thanks Pete,

> Donation = 1200 * .35 (marginal tax rate fed plus state, estimated at .07) = ~420 tax savings.

Confirms my calculations.

> PS - I assume your cost basis in the car is greater than $750 which results in no potential capital gain on the sale.

The cost basis was greater indeed. I probably paid way more for this car than what it was worth! :)

THanks again
Print the post  


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.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.