Tell me about donating vehicles

[Plasdom]

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

 

[NascarFool]

You are dreaming. A tax deduction is deducted from your total taxable income, therefore a $4000 deduction might net you $100+ toward your refund.

 

[Plasdom]

so I am better off selling a $4k for $2k than donating it solely for that tax deduction?

 

[TySnyder]

Donate? What kind of car, and where in NC? I'll take it off your hands for a decent price