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jahel318 | What is a tax write off? |
i was told if i donate my car it would be a tax write off. does that mean i get back the full value of the car when i file taxes this year? |
 |
 
aybabtu
|
No. You can deduct the value from your earnings. This will decrease the amount of taxes that you have to pay, but it will be by much less than the value of the car. |
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kramnnim
|
Donations to charity are tax deductible expenses. These donations can reduce your taxable income and lower your tax bill. More info here- http://taxes.about.com/od/deductionscredits/a/CharityDonation.htm |
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Judy1
 |
No, nowhere near the full value if anything.
A tax writeoff in this context means a tax deduction.
What would happen if you donate a car to an eligible charitable organization is this. They'd give you a form saying what they sold it for. You won't know how much that will be until after you donate it, and after they sell it. Then IF you itemize, your tax savings would be the amount they sold it for times the percent that is your tax bracket.
Example: You donate a car to the Salvation Army and they sell it for $2000. You are in a 15% tax bracket. Your tax savings would be 15% of $2000, or $300., if you itemize. If you don't itemize, there is no deduction and no tax savings.
If you are trying to help the charity, this is fine - they'd be $2000 ahead. But if you are trying to get rid of the car and get paid for doing so, you're a lot better off just selling it since you'd almost surely be able to get more than $300 for a car that someone could sell for $2000. |
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Beyounce
|
No you don't get back the full value of the car.
You receive a portion that is placed on your Schedule A and
it must be more than you standard deduction to make
in sense.
If you have other deductions that go on your Schedule A, like a
house, large medical expenses, work expenses, other taxes, house taxes.
All of these on your Schedule A plus the value of your car has
to top over your standard deduction.
Understand? It reduces your gross income. This is what you are taxed on.....get the gross down and you pay little taxes.
And you may receive a refund?????? Or break even.
Have fun. |
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mighty_power7
|
i dont think you will get the full value of your car back, but you may get a portion of what you paid back. |
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v b
 |
Let's say you have a 10 year old car.
You paid $20,000 and the blue book online says it's worth about $5000.
You decide it's too much trouble to sell the car and donate it to a charity. You gleefully think you'll get to take a $5000 itemizable deduction for it. (Your total for itemized deductions has to already be more than $5350 if you are single for such a deduction to make a difference.)
it gets closer to tax time. The charity sells the car and sends you a form 1098-C showing that they sold it for $1000. You can only deduct $1000. |
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ndtaya
|
Just thinking about taxes makes my intestines explode! To the best of my knowledge, no, you do not get the value of the car back. What you can do is reduce your taxable income, and therefore the amount of taxes you must pay, by being able to "write off" a portion of the value of the car. Consult a tax professional for more details. |
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Emma S
 |
I believe this would go under charity and you get the value of the car taken off as a deduction--but that's if you do not take the standard deduction (probably won't because itemized deductions probably worth more). You don't get to subtract the car's value from taxes owed but deduct the worth from your tax liability. |
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Prophet 1102
 |
No it's considered a charity donation - this reduces your gross income. |
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