Question about donating Cars/electronics to charities for tax break.

[FearoftheNight]

Does anyone have any information about donating cars/electronics for charities/npos for tax break? THanks.

 

[OulOat]

What type of electronics? Do they still work? Most charities around here stop by your place after arranging a pickup day and pick whatever you leave by the garage. They leave a tax form that you can fill out for your break.

 

[n0cmonkey]

I donate to charities to help the charities. Sorry, can't help.

 

[ElFenix]

cars, after jan 1, can only be deducted in the amount the charity actually sells them for. last year cars were deducted for ~20x what they were sold for, in aggregate.

charitable deductions can be, at max, 50% of income

 

[DaveSimmons]

You need to itemize your deductions to get any tax benefit.

The IRS knows a lot of people try to cheat, so be careful to put down the actual fair market value. Valuing a 300 MHz P-2 computer at the $2,000 you paid for it in 1998 is a great way to earn an audit and some penalties.

 

[FearoftheNight]

Originally posted by: OulOat
What type of electronics? Do they still work? Most charities around here stop by your place after arranging a pickup day and pick whatever you leave by the garage. They leave a tax form that you can fill out for your break.

Tvs, computer monitors, old computers...all fully functional...how would i get in touch with one? how do I know if they are irs approved? thanks.

 

[FearoftheNight]

Originally posted by: n0cmonkey
I donate to charities to help the charities. Sorry, can't help.

Why not help everyone involved. 🙂

 

[RossMAN]

Originally posted by: ElFenix
cars, after jan 1, can only be deducted in the amount the charity actually sells them for. last year cars were deducted for ~20x what they were sold for, in aggregate.

charitable deductions can be, at max, 50% of income

Yep if you donate any cars to charity for the tax write offs do it BEFORE Jan 2005.