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Samn | Can I include the value of recent repairs in my tax write off when donating an old car? |
I would like to donate a very old and beaten up car. In addition to the Kelly Blue Book value for my car, I would like to claim the $700 in necessary repairs I recently had performed. Without these repairs the car could not operate, and would have obligated the receiving charity to cover the costs (or reject the car).
The value of the repairs increases the value of the donated goods, the way I see it. How does the IRS see it? |
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Charles G
 |
The way the IRS sees it, you can take as a deduction what the charity actually sells the car for. No more.
If the charity doesn't sell the car but uses it itself, you can take the blue book value. That might be unlikely, if the car is "very old and beaten up." |
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src50
|
No. And you can no longer just claim the KBB value, either. Congress tightened up the laws on this a few years ago. All you can claim is whatever the charity actually gets for the car when they sell it. |
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Jss
|
Charity deduction is itemized deduction. You will take deduction only if your itemized deductions are more than your standard deduction.. Read about charity deduction: http://taxipay.blogspot.com/2008/05/itemized-deductions.html |
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T-Luv
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nope |
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Judy1
|
No. Your deduction for donating the car will be what the organization sells it for. They'll most likely sell it at auction, and will then give you a form showing their sale price - that's what you can deduct. That's been the IRS rule for a few years now, since way too many people were donating junkers and claiming an inflated value for them.
So if blue book on your car is $1000, but they sell it at auction fror $600, then your deduction is $600. If you are in a 15% tax bracket, your tax savings for the deduction would be $90. If you are just trying to save/make money by donating the car, you'd be better off just selling it, then donating some of the money you get for it to the organization.
If you don't itemize, you get no tax savings for a donation.
Putting $700 into a "very old and beayen up car" is not a good financial decision unless you plan to keep it for your own use, then it might be. |
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chatsplas
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NOPE, won't work.
If you don't itemize your taxes, you get no additional benefit from donating car. You get form from charity showing what they received for your vehicle and that receipt is kept with your tax papers, and that amount is what you get to deduct, not KBB. Donate it to church or charity that will keep and use vehicle and then you get to deduct KBB. |
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MadMan
 |
Car donation was one of the biggest scams perpetuated by people on the IRS until they changed the rules a while back. The amount that you can deduct on your taxes is the amount the charity sells your car for. In your case, if they sell it for $500, then that is the amount you can deduct. The Blue Book value or recent repairs are not considered. |
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CarVolunteer
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Yes, the $700 increased the value of the car. The Kelly Blue Book value before the repairs should have been less than the Blue Book value after the repairs, if you are honest in describing the condition of the car in both cases. It is also true that the cost of repairs may be greater than the increase in value of the car by making the repairs. Also, the KBB value only applies if the charity doesn't sell the vehicle. It has to use it or give it to a low income family.
If it was a "very old and beaten up car" it doesn't sound like a good investment for you to do the repairs.
Did you ask the charity? For example, I volunteer in a car donation program. We can do repairs much cheaper than you can because we get discounted or donated parts and labor. For example, several years ago I donated a (good) minivan that needed a transmission repair/replace. I had received an estimate of about $1900. After the donation, we got it replaced for about $900. FYI, the KBB value of the vehicle in good condition was about $3900. If I had had the repair done, that is what I would have claimed. Since I didn't do the repair, I claimed only $2000. |
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