Car donation

[GN]

Has anyone donated a car to charity? Any advice on doing this? Its time for the Taurus to go.

[Blown70]

There is a place here (north dakota) RESTORE?  They will give you an tax credit or such for your vehicle, has to be a resonalble value.....

Not sure what else happens,  a buddy did this with his Old blazer and got a $2,500 tax credit or something,   I would have to ask details.

Tom

[400/6/PAC]

I donated to cars for Kid's in Dallas and got a very nice tax deduction.

[oldcarnut]

I had looked into that one time a while back to the Kidney Foundation.  Check the Tax law first because what I was told by a tax person was that you could only deduct what the charity was able to sell the car for.  Don't know for sure but it would warrent checking in to before you donate.

[Troy]

Goodwill takes cars also.

Troy

[nh_mopar_fan]

I donated multiple cars over the years.

But, the IRS changed the rules a couple years ago. You can no longer claim market value at tax time. The charity will now send you what they got for your car, either at auction or for scrap and you can deduct that. That's no deal.

If you want to do it to help a charity, go for it. If you're looking for a tax break, you're better off selling it or scraping it yourself since depending on your tax bracket, you're only really seeing about 30% of the value the charity tells you they got for it.

There is one option where you can get full market value. Around here we have a charity called "Goodnews Garage". They take cars in and if they require a little work, they fix them up and give them to low income families etc. In those cases, you can claim full book value on your taxes.

You still only get 30% of taht in real money at tax time but you are helping someone out and getting a few bucks back in the process.

[beware the sleeper]

I have given like 3 to the salvation army, they come and flatbed em off, and the bluebook is tax deductable.

[nh_mopar_fan]

Here's some info on the new IRS rules:

http://www.edmunds.com/advice/selling/articles/48930/article.html