salvage car, or tax deduction?

[randomlinh]

My car got rear ended in an accident, and it will be declared a total loss. Now I'm wondering if it'd be worth it to keep it as a tax deduction (the car still runs, just needs body work). 95 camry... kbb value is roughly 3 grand. I'm not sure if the salvation army will give a break on that full value since there is damage...

but is it really worth it? There's a $600 difference in what I'll get for the car whether or not a salvage or take the car.

Thanks
Linh

 

[woowoo]

The IRS rules have changed
You can only deduct what the charity gets for your car.
Not blue book

 

[randomlinh]

Originally posted by: woowoo
The IRS rules have changed
You can only deduct what the charity gets for your car.
Not blue book

really? interesting. I think that makes my decision easier...

 

[Phoenix86]

Originally posted by: woowoo
The IRS rules have changed
You can only deduct what the charity gets for your car.
Not blue book

Add to that the fact the people you donate to don't care what they get for the car. Donating cars for a tax benefit is dead.

 

[randomlinh]

and I just noticed it was Fair Market Value anyway... never was any book value. Blah, my dad was terribly wrong on this. Progressive can salvage the car.. I need all I can get for my down payment...