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

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


"Jolly" <donate.cars (AT) gmail (DOT) com> wrote

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.

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

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.


"Mike Hunter" <mikehunt2 (AT) mailcity (DOT) com> wrote

The ones you sold to an insurance company it was a considered a recovery for
a casualty loss, and not taxable income. The one for a $1 was taxable.
However you are free to believe whatever you wish, no mater how uninformed
your beliefs may be..

The point being, not mater what you believe, one is better off selling their
vehicle than taking a percentage of the value as a tax reduction on income.


mike hunt


"Reasoned Insanity" <mintclovers@@yahoo.com> wrote

On Wed, 9 Aug 2006 08:27:24 -0500, "Reasoned Insanity"
<mintclovers@@yahoo.com> wrote:

You and my accountant agree....



--

Scott in Florida

'The Land of the Free because of the Brave'

"Scott in Florida" <askifyouwant (AT) mindspring (DOT) net> wrote


I guess I am just as "uninformed" as your accountant then. What I do agree
with though is that its more beneficial to sell what you have as opposed to
donating it. Then again, tax rebates from donating kinda redefine
"donating". I always thought of donating as giving something to someone who
needs it without any expectation or hope of receiving any benefits.

Re: "... I always thought of donating as giving something to someone who
needs it without any expectation or hope of receiving any benefits. "

Isn't that called 'voting'?

- Jack

"Ralph" <nospam (AT) thanks (DOT) com> wrote

LOL, sadly yes it is. What is just as sad though is the fact the only some
odd 18% of Kansan's voted in this past election. What's even sadder is the
fact that both parties are as corrupt as Castro.