About how much money can you get in my income tax return if I donate a car?

Question by Will8: About how much money can you get in my income tax return if I donate a car?
I heard, and i’ve seen many advertisings about donating cars even while i’m driving.. the thing is that i have this other car, which needs a few repairs, but i wouldn’t want to spent any more money on it i heard that if you donate your car, you can put that down for your income tax return.. and i was wondering if anybody that have done this before.. about how much money did u got back for it?

Answers received:

Answer by jseah114
You will get a deduction as a charitable contribution for the fair market value of the car, or how much the charity sells the car for.

Answer by SexyTrojan
You deduct the blue book value from your taxable income.

Answer by Sam
hahahahaha, it’s not about the money, it’s a rip.I won’t do it

Answer by azohawk
Typically the charity will sell the car at auction and use the money for other projects. They will send you an a statement on the amount it sold for; that is the amount you can use on your taxes, provided you can itemize (schedule A).
My understanding is that you can no longer use blue book, expert opinions/estimates or other such methods for determining the value of a donated car. That is a change that went into place in the past few years.

Answer by kearneyconsulting
Check on irs.gov for information on car donations.

Answer by Automation Wizard
There is a cap on how much you can deduct from donated items. I think it is in the range of 0. I think a car fits into this category. I donated a few thousand dollars of clothing when my mom died. It wasn’t worth much at tax time.

Cash donations are fully deductable if you itemize. It might be better to sell the car and donate the money if you want to help the charity and get a better tax benefit.

Answer by Boricua
It all depends on your tax bracket and the blue value of the car
I donated a car and received a 0 break

Answer by nswblue
You can used the tax value and a tax deduction – but it is to late to donate for 2006!@~