I have a few cars and was talking with some friends that also have a few. Why not donate them to someone in need??


I looked into it and basically, if you donate a car to a charity and they turn around and give (or sell it cheaply) to a needy person you can claim the fair market value (Private Party price) on your taxes.


So, if you donate a car worth $4000 and it's sold to a needy person for $1000 you can still write off $4000. If you donate a car and it's sold for profit by a charity you can only write off the amount it sold for.


Anyone ever tried it? Any info??

 

your car has to run

i think one of my dad's friends did it. it basically is a tax writeoff/break or something. dont know the details but after getting past teh 'shock' of just giving away money, u realize it could benefit you. i think salvation army does this.

 

I heard somtin bout it. no details tho'

^nice sig/car bro

 

school auto programs are all ways looking for heaps to fix up then donate or destory or w.e

i did that with my accord. its all the same you claim property tax and all that.

 

I need a car so i can work, how about donating one of em to me

 

I need a car Kristin! Donate it to me!

 

Nope! As long as it's in good condition and wouldnt take to much $ in parts, they take it to a shop and have a mechanic fix it. Even if it does run, it's taken to a shop to be checked over and given a small tune-up.


It would be a nice thing to do for someone. I'm still in need of money though so I can't just give mine away; my friend could. If I write it off as $2000 how much would I actually get back on my IRS refund??? All of it, 1/3...hardly any??

I know I know, I'll have to call the IRS.

 

Not saying not to do it, but just becareful about donating your car, make sure you read up on it.
I believe I heard at one time about the title never being transferred over when it was donated and them being held responsible.