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Old 11-12-2012, 04:54 PM   #1
BioSs
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Default Acura Legend 1988 for donation

Hi.. I get my Acura Legend 1988 had been sit in my front of garage for more then 5yr.. Last time it start up and running about 5yrs ago.. Now don't know what to do for advantage more cash. Should sell as part or donate for tax deduction? I don't make income this year, so tax is not that good idea. What else you guys suggest?
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Old 11-12-2012, 08:42 PM   #2
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A car that hasn't run in 5 years? Outside? It's going to need everything. Drain the fuel tank, flush the brake fluid and coolant, hope to God the brakes haven't seized...

At this point, you're looking at selling for scrap most likely.

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Old 11-13-2012, 07:15 AM   #3
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Tax deduction will only be useful if you have the ability to itemize using the Schedule A

That requires over $5K in expenses separately - usually taxes and at least $15-20K of income.

You may get 4100 at a junk yard.

Parting it out will get more; but take time and you will have a stripped vehicle for a couple of years sitting around. Then you still have to eventually dispose of the stripped shell.
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Old 11-13-2012, 08:06 AM   #4
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Quote:
Originally Posted by EagleKeeper View Post
You may get 4100 at a junk yard.
For a neglected, 25 year old car? If you get an offer of 4100, jump on it without hesitation!
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Old 11-13-2012, 09:42 AM   #5
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Quote:
Originally Posted by EagleKeeper View Post
Tax deduction will only be useful if you have the ability to itemize using the Schedule A

That requires over $5K in expenses separately - usually taxes and at least $15-20K of income.

You may get 4100 at a junk yard.

Parting it out will get more; but take time and you will have a stripped vehicle for a couple of years sitting around. Then you still have to eventually dispose of the stripped shell.
I think you added an extra 1 to that quote.
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Old 11-13-2012, 10:36 AM   #6
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I think you added an extra 1 to that quote.
Look again

Though I'm sure the 4 was supposed to be a $ (e.g. $100 instead of 4100).
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Old 11-13-2012, 11:41 AM   #7
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^ Ha that actually makes more sense
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