ASK & ANSWER | Browse questions and answers from our community experts
Showing 1 - 3 of 67 results.
Can a car accident increase the auto insurance rate?
Asked by unknown
1 Answers
Yes, there would be a severe impact on the auto insurance quotes if the vehicle or the driver has been in an accident. According to a study, a car which has been in an accident causing both damages to the vehicle and to the driver would have an increase of 1.3 times the regular insurance rates. Similarly, an accident involving only the damage to th
How much tax credit do you get for donating a car?
Asked by unknown
1 Answers
There are the four specific conditions in which the IRS allows you to claim the maximum deduction (fair market value) of a donated car: When the charity auctions the car for $500 or less, you can claim the lesser of the fair market value or $500.
How does donating a car work?
Asked by unknown
1 Answers
The Internal Revenue Service (IRS) requires you to calculate your deduction in one of two ways, depending on how the charity uses your donation. Deductions for cars the charity sells are limited to the sales price. In all other cases, you can use the car's fair market value.