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Re: How do Car Donation New York for tax breaks work and are they worth it?
. If you donate it to a Car Donation New York organization, they'll give you a form after they sell it showing how much they sold it for - that will be your deduction amount IF you itemize. If you don't itemize, there's no deduction.
Your tax savings would be a percent of the deduction if you can take one, the percent being your tax bracket. For most people that are 15%, so if the car is sold for $2000 the tax savings would be $300.
You're better off financially selling it yourself, and then if you want to donate some of the money to the organization, go ahead but don't donate the car just for the tax savings, since it won't be much.
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