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donate my car
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#11
 
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Re: donate my car -
08-11-2006
, 09:24 AM
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Really? Didn't know that. Guess I'm in trouble then. I've sold 2 cars to insurance companies for their fair market value and 1 car to a friend for a $1. As far as I'm concerned though, if I don't sell the car for more than I bought it for, it's not profit. |
Not profit sounds like a loss, maybe you can deduct the difference, if
you had to pay taxes on the gain.
j/k,
tom
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"Mike Hunter" <mikehunt2 (AT) mailcity (DOT) com> wrote in message news:MPadnZ-v7d7l10TZUSdV9g (AT) ptd (DOT) net... Unless you are a business you can not work with capital losses. Sale of a vehicle, is a taxable sale of personal property that must be reported.. mike hunt "Reasoned Insanity" <mintclovers@@yahoo.com> wrote in message news:Q56Cg.15331$PO.14235 (AT) dukeread03 (DOT) .. "Jolly" <donate.cars (AT) gmail (DOT) com> wrote in message news:1155058991.356070.325370 (AT) i42g2000cwa (DOT) googlegroups.com... http://donate.cars.googlepages.com ---------------------------------------------------- Car Donation Programs: Ask plenty of questions before deciding on Car Donation Programs. Ask what the vehicle will be used for, what specific population the charity provides services to, what is their track-record for large-scale donations, how often do they participate in vehicle donations. Be sure that the car donation program you are dealing with is a reputable organization that engages in legal methods of car donations. This information is important because you want your car donation used in the best way possible. ------------------------------------------------------- http://donate.cars.googlepages.com "Mike Hunter" <mikehunt2 (AT) mailcity (DOT) com> wrote in message news:ZI2dnV6Fo_5IQkXZUSdV9g (AT) ptd (DOT) net... If you donate your car to a charity, and are in the 15% tax bracket you will receive a tax deduction of $750, IF you itemize. If you are in the 28% tax bracket you will receive a tax deduction of $1,400, IF you itemize. It would be wiser to sell it for $5,000 pay the $750 or $1,400 tax on the income and pocket the $4,250 or $3,600 balance. mike hunt What income? How many people actually are able to sell for more for they buy them for besides dealerships? Thats not even taking depriciation into account. |
#12
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If you donate your car to a charity, and are in the 15% tax bracket you will receive a tax deduction of $750, IF you itemize. If you are in the 28% tax bracket you will receive a tax deduction of $1,400, IF you itemize. It would be wiser to sell it for $5,000 pay the $750 or $1,400 tax on the income and pocket the $4,250 or $3,600 balance. The last sentence is complete, total, utter nonsense. Your profit, or |
the purchase price less accumulated depreciation. If the car was owned
for personal use the depreciation was -0-, and unless you manage to
sell it for more than you paid for it, no tax is due on the transaction.
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