Home | Links | Contact Us | Bookmark
Financial Forum Search :
   Homepage      News      Financial Topics     Finance Directories      Financial Forum      Dictionary  
Financial Forum    Taxes
Finance Discussion Forum

 My employer gave me a monetary gift for being the longest employed in the company's history.....................
Now, I am being charged Federal and SE taxes on it. Is that right?...


 My direct deposit tax return is supposed to be paid tomorrow. When does it get deposited?
Is it effective at 12:01am, like direct deposit payroll services are?...


 My boyfriends claiming himself for taxes but his parents are also claiming him?
My boyfriend has been living with me and my dad since April. His parents don't pay for anything and they feel the need to claim him on there taxes. For some odd reason they think they can. Is ...


 Which bank is called " central bank" in india?
...


 Has anyone received a stimulus check yet in paper form and if so, what were your last 2 #'s of your social?

Additional Details
Please note, I am only asking about paper checks....


 How much do you have to donate to charity before you can claim it on taxes?
I donated a bunch of baby items to a local low income day care center. They wrote out a donations slip for me and the total is an estimated total of 400.00. Is that enough to claim? I thought I read ...


 Our government are working towards getting single mothers back to work...?
ok thats good but when the wages are so low how does the single parent benefit when they have to pay the going rate for childminders or nursery care????...


 About the rebate checks to stimulate the economy?
I was just wondering when or how you know when your gonna get yours?! I heard that they were sending them out already...Are they or not? Do they have a certain order on how they are sending them out?!...


 Are donations tax deductibles?
Such as donations to the Jimmy Fund, Salvation Army, and other nonprofit organizations....


 If you work in a different state than you live what state income tax would you pay?
I live Tennessee which has no state income tax and may be soon working in Louisiana which does levy a state income tax....


 I went to Alaska just 2 weeks ago. I noticed that people dont pay taxes..?
i bought some stuff there and my receipts said $0.00 tax....


 Can the woman that my husband has a child with take any of his money that he gets back from taxes?
He pays child support and they take out 20% of his check. And he is not behind either. But we are just concerned that she may be able to take 20% of his tax return also. Because any income that he ...


 If you havent made payments on a student loan, will the goverment take your income tax return?
...


 Anyone have a 2006 federal tax booklet?
If so I was hoping that someone could look up what the tax is for 18,439 thats my taxable income so far this year I have a 2006 booklet but the one dang page i need was ripped out. I am just trying ...


 I have my W-2, but i dont know how to transfer the info the the 1040 tax form! HELP!?
I just got a W-@ from 2 different jobs. I'm filing online ona free site. I've entered a W-2 form for each job, but now I have to do a 1040. Do I do a seperate 1040 for each job or do i just ...


 What % do they hold out of a payroll check for taxes?
...


 If i have had no national insurance number since feb 06 and been working since then will i get a payback on?
...


 What should we do when the employer purposely puts lower amount on wages earned and taxes taken out.?
My husbands employer gave him W2 on 02/05 and the whole thing was wrong.My husband told them his earned wages were
3 times the amount they put down.They said it's too late we already
...


 What's the cutoff age for parents who claim their college kids on their taxes?
...


 Has anyone underpaid taxes as a method of savings?
Maybe I'm not thinking this through right, but it seems that if I dropped my dependents on my W-4 so that my employer takes out the minimum amount of taxes, I could put that money away (I'm ...



Captain
I am thinking about donating my car to the Salvation Army, how can I get the value back from taxes?
                     
 




PepsiLime
Rating
They've changed the rules for donating a car (I'm surprised as to how many incorrect answers there are for this question). I've attached a link regarding the correct info, and charitable contributions in general.

Cars, Boats, and Airplanes
The following rules apply to any donation of a qualified vehicle.

A qualified vehicle is:

A car or any motor vehicle manufactured mainly for use on public streets, roads, and highways,

A boat, or

An airplane.


Deduction more than $500. If you donate a qualified vehicle to a qualified organization and you claim a deduction of more than $500, you can deduct the smaller of:
The gross proceeds from the sale of the vehicle by the organization, or

The vehicle's fair market value on the date of the contribution. If the vehicle's fair market value was more than your cost or other basis, you may have to reduce the fair market value to figure the deductible amount, as described under Giving Property That Has Increased in Value, later.


Form 1098-C. You must attach to your return the copy of the Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, (or other statement containing the same information as Form 1098-C) you received from the organization. The Form 1098-C (or other statement) will show the gross proceeds from the sale of the vehicle.

If you do not attach Form 1098-C (or other statement), you cannot deduct your contribution. You must get Form 1098-C (or other statement) within 30 days of the sale of the vehicle. But if exception 1 or 2 (described next) applies, you must get Form 1098-C (or other statement) within 30 days of your donation.

Exceptions. There are two exceptions to the rules just described for deductions of more than $500.

Exception 1—vehicle used or improved by organization. If the qualified organization makes a significant intervening use of or material improvement to the vehicle before transferring it, and you claim a deduction of more than $500, you generally can deduct the vehicle's fair market value at the time of the contribution. But if the vehicle's fair market value was more than your cost or other basis, you may have to reduce the fair market value to get the deductible amount, as described under Giving Property That Has Increased in Value, later. The Form 1098-C (or other statement) will show whether this exception applies.



Exception 2—vehicle given or sold to needy individual. If the qualified organization will give the vehicle, or sell it for a price well below fair market value, to a needy individual to further the organization's charitable purpose, and you claim a deduction of more than $500, you generally can deduct the vehicle's fair market value at the time of the contribution. But if the vehicle's fair market value was more than your cost or other basis, you may have to reduce the fair market value to get the deductible amount, as described under Giving Property That Has Increased in Value, later. The Form 1098-C (or other statement) will show whether this exception applies.

This exception does not apply if the organization sells the vehicle at auction. In that case, you cannot deduct the vehicle's fair market value.

Example.

Anita donates a used car to a qualified organization. She bought it 3 years ago for $9,000. A used car guide shows the fair market value for this type of car is $6,000. However, Anita gets a Form 1098-C from the organization showing the car was sold for $2,900. Neither exception 1 nor exception 2 applies. If Anita itemizes her deductions, she can deduct $2,900 for her donation. She must attach Form 1098-C and Form 8283 to her return.

Deduction $500 or less. If the qualified organization sells the vehicle for $500 or less and exceptions 1 and 2 do not apply, you can deduct the smaller of:
$500, or

The vehicle's fair market value on the date of the contribution. But if the vehicle's fair market value was more than your cost or other basis, you may have to reduce the fair market value to get the deductible amount, as described under Giving Property That Has Increased in Value later.


If the vehicle's fair market value is at least $250 but not more than $500, you must have a written statement from the qualified organization acknowledging your donation. The statement must contain the information and meet the tests for an acknowledgment described under Deductions of At Least $250 But Not More Than $500 under Records To Keep, later.

You would end up reporting your deductible contribution on Schedule A - Itemized Deductions under non-cash contributions.


WSOP Hold'em Player
Rating
As part of the job creations act of 2004 the government tightened up reporting of car donations.The charity must take your social security number along with the donated car.They then have up to 30 days after it sells to tell you how much they got for it.You can only deduct the gross return from the sale.So if the Kelly Blue Book value is $2500.00 but the charity only got $800.00,you can only deduct the $800.00.


Judy1
Rating
You won't get the whole value back, but you might get some of it.

In most cases, the Salvation Army will sell the donated car at auction. After it's sold, they'll give you a receipt for what they sold it for. This might very possibly be well below "market value". Your deduction on your taxes is whatever they sold it for.

If you itemize deductions, you would list the car donation as a charitable deduction. So if they sold the car for $2000 and you are in a 15% bracket, your taxes would be lower by as much as $300.

If you don't itemize, you get no tax benefit from the donation.


CarVolunteer
PepsiLime has the right answer. I volunteer with a similar program, so I have become very familiar with the rules and the 1098-C.


they say
your accountant or the irs will tell you


jeff w
Rating
they will show you the way, but get it recorded or videw recorded, otherwise you might be tricked.


Cheri B
Rating
They will give you are receipt for the value of your car and you just fill out the proper space on your tax return.


virgo82676
Check the tax laws at Irs.gov to see if there's anything you need to get (a form or something) then get a receipt from the S.A. when you donate it.

If I understand the rules correctly, I believe there is a limit to the amount of credits for donations you can claim each year, so make sure you find that out first


andrespb22
YOU NEED TO ASK THEM TO GIVE YOU A RECIPT. YOU MAIL THAT TO THE IRS AND UR DONE


nickipettis
You just deduct the value of the car ( or the percentage that the IRS allows you to deduct) when you fill out your income tax forms.

BE SURE to get a written something or another ( receipt? charity receipt?) from the charity when you give them the car - else, you can't deduct anything. these days, most charities will just give you a piece of paper with their name, the date, what you donated. Very few put a value on what you donated.


Michael L
They will issue a receipt for the fair market value of the car (this is usually more than you would've gotten if you tried to sell the car on your own) Simply declare the amount of the charitable donation on your income tax return, and if asked to do so, simply present the receipt.


 Enter Your Message or Comment


User Name:  
User Email:   
Post a comment:







Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.024
Copyright (c) 2011 Financial Crisis Tuesday, May 29, 2012 - Terms of use - Privacy Policy