donating a vehicle

[puffff]

rather than going through the hassle of selling, i'm thinking about donating my motorcycle. doing so would allow me to itemize it as a tax deductible item? i'm not very good with taxes, but if the KBB value of the motorcycle is around $3500, does anyone know what sort of benefit i can expect to see from donating it?

 

[PlasticJesus]

New law says it doesn't matter what the KBB value is. Whoever eventually sells it in your stead has to provide you with a receipt once it's sold. That amount is what you get to deduct.

That is all I know. I'm not educated as concerns write-offs and what-not.

 

[puffff]

Originally posted by: PlasticJesus
New law says it doesn't matter what the KBB value is. Whoever eventually sells it in your stead has to provide you with a receipt once it's sold. That amount is what you get to deduct.

That is all I know. I'm not educated as concerns write-offs and what-not.

Really? I thought that didn't go into effect until 2005, and that if I donated in 2004, it would still be up to me to determine fair market value.

 

[aircooled]

You still get full kelly bb if you donate it before the 31st of december.

 

[AgaBoogaBoo]

What kind of bike is that?

 

[puffff]

Originally posted by: AgaBoogaBoo
What kind of bike is that?

1995 honda cbr f3.
if i can donate it and get $1k back in taxes, i'd do it. i could probably sell it for more, but i dont have the time to look for a buyer and stuff.

 

[CPA]

Originally posted by: puffff

Originally posted by: PlasticJesus
New law says it doesn't matter what the KBB value is. Whoever eventually sells it in your stead has to provide you with a receipt once it's sold. That amount is what you get to deduct.

That is all I know. I'm not educated as concerns write-offs and what-not.

Really? I thought that didn't go into effect until 2005, and that if I donated in 2004, it would still be up to me to determine fair market value.

You are correct, PJ is wrong. Donate before the end of the year and you can still use KBB.

 

[puffff]

Originally posted by: CPA

Originally posted by: puffff

Originally posted by: PlasticJesus
New law says it doesn't matter what the KBB value is. Whoever eventually sells it in your stead has to provide you with a receipt once it's sold. That amount is what you get to deduct.

That is all I know. I'm not educated as concerns write-offs and what-not.

Really? I thought that didn't go into effect until 2005, and that if I donated in 2004, it would still be up to me to determine fair market value.

You are correct, PJ is wrong. Donate before the end of the year and you can still use KBB.

if i'm in the 27% tax bracket, and i use KBB of $3750, thats approx $1000 i can expect in tax returns correct?

 

[olds]

Originally posted by: puffff

Originally posted by: CPA

Originally posted by: puffff

Originally posted by: PlasticJesus
New law says it doesn't matter what the KBB value is. Whoever eventually sells it in your stead has to provide you with a receipt once it's sold. That amount is what you get to deduct.

That is all I know. I'm not educated as concerns write-offs and what-not.

Really? I thought that didn't go into effect until 2005, and that if I donated in 2004, it would still be up to me to determine fair market value.

You are correct, PJ is wrong. Donate before the end of the year and you can still use KBB.

if i'm in the 27% tax bracket, and i use KBB of $3750, thats approx $1000 i can expect in tax returns correct?

CPA will let us know for sure but I don't think that is correct. It is added/applied to your total taxes.

 

[DaveSimmons]

Originally posted by: puffff
if i'm in the 27% tax bracket, and i use KBB of $3750, thats approx $1000 i can expect in tax returns correct?

CPA will give you an informed answer but here's my wild guess:
Only if you're already itemizing your deductions -- if you're taking the big standardized deduction you save $0.

 

[PlasticJesus]

Sorry my info was a bit inaccurate. Heard about the change a while back, so I assumed it was law already.