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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.
Is it better to donate or sell your car?
Asked by unknown
1 Answers
Generally, donations are tax deductible. You can deduct the fair market value of the car if the charity gives the car away or uses it for charitable purposes. If the charity sells the car, you can deduct the amount and get a break on your taxes.
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.