Tax question

[Wduaqnug]

If I donate my car and they give me tax deductible for $3040, how much back can I get from that and what are restrictions and tax donation will still have 2004

 

[iamwiz82]

I guess the stickied tax thread was not good enough for you.





Dumbass

 

[CChaos]

It depends on what you made and what you've paid.

 

[Wduaqnug]

is there any restrictions when you can write off car donations

 

[dullard]

Most of your questions answered here (Pages A4 and a5). Or go to the tax thread at the top of Off Topic. Yes there are restrictions. The restrictions were recently severely tightened on car donations due to much abuse (donations before Dec 31, 2004 are less restricted; after Dec 31, 2004 they are more restricted). Also, the government assumes everyone has a certain level of deductions. Unless you can exceed that level, you gain absolutely nothing by making a donation.

 

[Slvrtg277]

AFAIK, just make sure that you can itemize already because 3 grand is less than the standard deduction. Then figure out your total deductions, subtract that from your wages, determine the amount of tax owed by using the tax table, then subtract that amount from what you paid in.

As for the exact amount you'd get back from the worth of the car....I guess it would be the percentage of whatever tax bracket you fall into.


OR, all of this could be completely wrong.