HumblePie
Lifer
Wrong... If you sell your car for $1500, that's $1500 in your pocket NOW, not later. The only hassle if you are selling below KBB really is paying $15 to a newspaper or online site to put up a little bit of info about your car. Then sit back, relax, and let the buyers come to you.
Now, if you donate, you have to wait until the company you donate to sells the car. Then you can claim the value the company received as a deductable for the years END tax return. BUT, if you don't have other deductables to make your total deductions through the year higher then your standard federal deductable... guess what? You get zero tax break. Because you get more money using your standard deductable. Even if your total deductions exceed your standard deductable, it's not a 1 to 1 conversion on the tax chart. Even if the company you donated the car to sells it for $1500, you aren't going to get $1500 back directly in your taxes.
Seriously, for some people at one point this was an awsome thing to do depending on how much you have put into taxes throughout the year, your income, and your total deductions you may routinely do. However, that isn't as much the case anymore. Especially not for the average joe. Your better off selling it or trading it in.
