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Old 12-06-2005, 04:03 PM   #1
PORSCHITO
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vehicle donation

i was planning on donating a vehicle to a charity, how does the tax deduction work:

1- what you owe uncle sam= (income-donation)*taxrate

or

2- what you owe uncle sam= (income*taxrate)-donation
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Old 12-06-2005, 04:23 PM   #2
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Old 12-06-2005, 04:25 PM   #3
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They changed the rules for vehicle donations. Last year it was easier to get more outta it, you just needed the FMV. This year, you get what the org's can get for it, which is .

check it out....
http://www.irs.gov/charities/article...139559,00.html

shoulda donated last year man. you'll probably be better off selling it yourself

Last edited by nels; 12-06-2005 at 04:28 PM.
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Old 12-07-2005, 12:05 PM   #4
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