• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

thinking about donating my car

T

TechBoyJK

Lifer
I have a 95 blue neon 4 door with 128,000 miles on it. can't find anybody to buy it. I was thinking about donating it since I saw on the news that up until Jan1, you can deduct the full market value of the car.

I'd like to get it off my hands. So, it I deduct say $2,000 for the value of the car, thats $2,000 taken off my net taxable income right?
 
Originally posted by: TechBoyJK
I have a 95 blue neon 4 door with 128,000 miles on it. can't find anybody to buy it. I was thinking about donating it since I saw on the news that up until Jan1, you can deduct the full market value of the car.

I'd like to get it off my hands. So, it I deduct say $2,000 for the value of the car, thats $2,000 taken off my net taxable income right?
Click to expand...

Right, which means it's the equivalent of selling your car for about $600. You can't get anyone to buy the car for $600 !?!?
 
Originally posted by: flot
Originally posted by: TechBoyJK
I have a 95 blue neon 4 door with 128,000 miles on it. can't find anybody to buy it. I was thinking about donating it since I saw on the news that up until Jan1, you can deduct the full market value of the car.

I'd like to get it off my hands. So, it I deduct say $2,000 for the value of the car, thats $2,000 taken off my net taxable income right?
Click to expand...
Right, which means it's the equivalent of selling your car for about $600. You can't get anyone to buy the car for $600 !?!?
Click to expand...
I agree... for a 95 Neon, I'd think you'd be able to get more out of selling it than through the tax deduction.

Now, my 1987 Chevy S10 with 178K that had no hope of passing California emissions... that was a tax write-off! 😀
 
i need a car for when i move out of the city once i get married. that's coming up soon. wanna donate it to us? 😉
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top