Will car donation help me?

[Red]

I am a 20 year old single male (claim 0 on taxes) making about 20,000 before taxes. My father-in-law gave me an older car to fix up and sell but I have not had any time to do it and someone recommended that I donate it to get a tax deduction. I realize I would have to itemize my taxes, and am wondering if I would be able to profit from this?

My father told me that at my age and marital status, my best decision is to take the standard deduction because it is much higher than anything I would be able to itemize but sometimes he talks out his ass, so I wanted some advice.

Please advise.

 

[HappyPuppy]

Fathers always talk out of their asses, it's their job. He knows absolutely nothing about the tax structure and you should ignore his advice at every opportunity. Go for it, you know you will be better off financially.😉

 

[jadinolf]

As always, your father is right.

Surprised?

 

[MrYogi]

your father is absolutely right 😀

 

[Ronstang]

I think you are the one talking out your ass this time....your dad is correct.

 

[AlienCraft]

Car donation will not help you, unless you need to unload and don't want to hassle with it.
Single male who claimed 0 dependants will have OVERPAID the taxes and will be due a refund.
That equals an Interest Free loan to the GOVernment, of your money.