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Tell me about donating vehicles

P

Plasdom

Senior member
It is in really good condition and I just want to be spared the hassle of dealing with buyers and the like. How does the tax deduction work. I deduct the full value of the car and get it's value back from texes I paid or something? So if I owe $2000 in taxes and I donate my vehicle worth $4000 I will get $2k back from the government? Or am I dreaming
 
You are dreaming. A tax deduction is deducted from your total taxable income, therefore a $4000 deduction might net you $100+ toward your refund.
 
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