How do Car Donation New York for tax breaks work and are they worth it?

[ronaldo]

I am wondering if it would be better to sell my old truck or take a write off.

[MikesZ06]

Mike

[Top Cog]

Can't even guess without knowing the color of your truck.

[wvphoto]

z06 forum..

truck?

just give it away

[mikedevidh]

. 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.

[MikesZ06]

Originally Posted by mikedevidh

. 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.

I hate to say it but I think both you and the thread starter are on the wrong site. This is a Corvette Z06 site and since you are both making your very first post, I wonder if this is the best way to start out....

Mike

btw, your sig was edited. Only supporting vendors of this site are allowed to advertise here. See sig rules for details.