tax car donations

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  #1  
Old 12-31-02, 01:54 AM
josh1
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tax car donations

How exactly does one donate a crapped out car to charity? I never do my own taxes, but it seems like a good way to save. If i have this right, I can take the deduction spread over 5 years? and deduct whatever amount I say the car is worth as long as its less than 5K i dont need an appraisal. So in the end how much does one save doing this ? better to take it in one year or? THanks-Josh
 
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Old 12-31-02, 07:10 AM
alumtuna
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It works out to about 70% of the cars worth from what i remember. Rules may have changed thou. The IRS has info on this.
 
  #3  
Old 12-31-02, 11:06 AM
Joe_F
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Thumbs up

Either that, or since you indicate you have your taxes done for you, ask your accountant or tax preparer.

You get 25 bucks around here in most junkyards if you drive it in.

What type of car? It may be worth it to put it on Ebay, the swapzone.net, classfieds2000, in the local paper, or just sell it to someone for parts for theirs.

Back in '96, my grandfather's 1979 Caprice developed a rod knock. Since he didn't want me to fix it as he was retiring and didn't need the car anymore, he was going to junk it.

I was out for a walk one night and spotted a 79 smashed Caprice in front of someone's house. I left a note on it and got a call in 3 days from the guy.

300 bucks later, he took it for parts to repair his. As luck would have it (or not for him), he was a scafflow with unpaid tickets and the cops came for him. Fortunately for me, I had him sign a bill of sale, so I wouldn't be responsible if he decided he was going to drive my grandfather's car (or switch Vin #s) and pull some hokey pokey.

Worked out well. We got 300 bucks (instead of 25) and he got his parts. We only paid 1000 bucks for the car in 1983. 13 years of troublefree use out of a 1000 dollar car. Yay

I did a ton of work on that car and learned alot in the process. I'll always miss that old car .
 
  #4  
Old 12-31-02, 05:46 PM
josh1
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its old 1980 mBz 2 door coupe. i dont think too many people need parts for these. I was going to rebuild the engine but talked to 2 import mechanics and they tell me these 110 series engines were flawed from the get go, tend to come apart inside. Of course they also said im the only person they know who busted a valve in one . I take that as a great compliment. Moving on to super light weight british cars these days -Josh
 
  #5  
Old 12-31-02, 06:11 PM
Joe_F
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Who would have thought there would be a market for a 1979 Caprice with a knocking engine? There was. To the tune of 300 bucks. LOL.

Explore all your options first before jumping head first. Do the one that nets you the most money for the least amount of effort.
 
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