What's new
Forums
Members
Resources
Whopper Club
Politics
Pics
Videos
Fishing Reports
Classifieds
Log in
Register
What's new
Search
Search
Search titles only
By:
Members
Resources
Whopper Club
Politics
Menu
Log in
Register
Install the app
Install
Forums
General
Vehicle Discussion
Vehicle donation?
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="Allen" data-source="post: 347589" data-attributes="member: 389"><p>It surely is something to consider if you are fond of a particular charity that accepts them.</p><p></p><p>As far as the pros and cons outside of the touchy feely reasons, you are primarily limited to the tax benefits. Maybe a tax professional will weigh in on this, but in general most charities will be generous with respect to the "value" of the vehicle. As in they will give you a receipt for a $1,000 donation for a vehicle that's maybe worth $500 resale. I don't know if you can claim the deduction though if you don't itemize on your tax return, again a question for a tax person. If you are in a position to claim the charitable donation, it will probably increase your tax return by whatever your marginal tax rate is multiplied by the value the charity gives you on the donation.</p><p></p><p>In general though, you would probably be money ahead just selling it.</p></blockquote><p></p>
[QUOTE="Allen, post: 347589, member: 389"] It surely is something to consider if you are fond of a particular charity that accepts them. As far as the pros and cons outside of the touchy feely reasons, you are primarily limited to the tax benefits. Maybe a tax professional will weigh in on this, but in general most charities will be generous with respect to the "value" of the vehicle. As in they will give you a receipt for a $1,000 donation for a vehicle that's maybe worth $500 resale. I don't know if you can claim the deduction though if you don't itemize on your tax return, again a question for a tax person. If you are in a position to claim the charitable donation, it will probably increase your tax return by whatever your marginal tax rate is multiplied by the value the charity gives you on the donation. In general though, you would probably be money ahead just selling it. [/QUOTE]
Verification
What is the most common fish caught on this site?
Post reply
Recent Posts
Riddle Me This.....
Latest: Allen
Today at 12:09 AM
Israel
Latest: svnmag
Yesterday at 10:22 PM
Any Birders here?
Latest: svnmag
Yesterday at 8:59 PM
NFL News (Vikings)
Latest: Eatsleeptrap
Yesterday at 8:35 PM
I Love This Bar (NDA)
Latest: svnmag
Yesterday at 8:28 PM
T
Drotto adjustment?
Latest: Traxion
Yesterday at 5:00 PM
Prairie ghost
Latest: johnr
Yesterday at 4:20 PM
S
Mega Live
Latest: SLE
Yesterday at 2:12 PM
G
A good movie
Latest: gillraker
Yesterday at 9:53 AM
W
Spring snows 24
Latest: Wall-eyes
Yesterday at 9:51 AM
Skinwalker Ranch
Latest: svnmag
Tuesday at 10:16 PM
ROBOT
Latest: Davey Crockett
Tuesday at 9:23 PM
F
Border Security?
Latest: Fester
Tuesday at 8:24 PM
Very GOOD shot
Latest: BDub
Tuesday at 6:28 PM
Walleye Replica
Latest: jdinny
Tuesday at 12:31 PM
M
Bummer
Latest: measure-it
Tuesday at 11:51 AM
29th Annual NDSFC Banquet
Latest: Honkerherms
Monday at 8:20 PM
Sale
Weatherby Orion Sporting clay
Latest: 1lessdog
Monday at 6:45 PM
Ghost guns
Latest: Obi-Wan
Monday at 9:28 AM
Sale
Lures
Latest: Sluggo
Sunday at 7:45 PM
Friends of NDA
Forums
General
Vehicle Discussion
Vehicle donation?
Top
Bottom