How much of a tax deduction to car donations to charity receive?

1 Answer

Answer :

By law, you can only deduct the amount of money the charity eventually sells the car for.

Related questions

Description : Can I claim a tax deduction by donating a used car to charity?

Last Answer : You can claim the estimated value of the car if you have donated it to charity.

Description : What is the maximum tax deduction for an auto donation to charity?

Last Answer : The maximum tax deduction for an auto donation to any charity is the full value of the vehicle donated. You can not write off more than the vehicle's full value.

Description : Does anybody know of any sites that you can make donations to charity by clicking?

Last Answer : Well snap, I saw the question on the page and thought ‘Ah, there’s a free rice site thing somewhere’ so I googled it while allowing your question to load. Came here and you already know about it…that’s all I wanted to say, sorry I don’t know of any sites :(

Description : Charity Truck Donations In Your Area?

Last Answer : Many people are choosing donation as a way to get rid ofunwanted vehicles. This practice has become very popular because itis possible to receive a tax write off in return for ... truckdonations. These organizations range from cancer research centers,to thrift stores, to poverty advocacy groups.

Description : What are the tax benefits of charitable car donations?

Last Answer : You can write off the full value of the car that you donate to charity. You should receive a sort of tax receipt from the organization you donate to, and this can be sent to the IRS with your taxes as a write-off.

Description : If I made a car donation can I qualify for a tax deduction?

Last Answer : No this year they are giving no tax breaks for that.

Description : Is it possible to make tax write-offs on gifts & donations to personal friends/family?

Last Answer : No.In fact you may incur a gift tax if the value is over a certain amount per person in a one-year period.

Description : Can I get a tax write-off for donations of cars under $1000?

Last Answer : Yes, if you donate a car to charity, you can get a tax write-off. $1000 is well below the maximum you are allowed to get. yes but under the new rules the deduction is limited to the amount of ... the charity sells the car they notify you how much they sold it for.That is your tax deduction amount.

Description : With a gross income of 30,000 and a 25% tax deduction, what is your monthly net income?

Last Answer : 22500

Description : Tax Deduction Source?

Last Answer : TDS, collecting of income tax. It is a type of direct tax deduction by a person making payments. A person making the payments after charging TDS is called the Deductor while a person receiving payment is ... for deducting TDS. TDS is in line with "pay as you earn" scheme known as Withholding Tax.

Description : i have 1099 income $24000. i'm single and no deduction, what's my federal tax payment for 2010 ?

Last Answer : “i have 1099 income $24000. i'm single and no deduction, what's my federal tax payment for 2010 ”

Description : Is it possible to get a tax deduction for an RV donation?

Last Answer : Yes, you can have a deduction but you must be sure that the charity your are donating it to is a registered 501(c)3 organization. It is a requirement from the IRS.

Description : Where can I go to donate my used wheelchair in the Seattle area that will also allow me to use the donation as a tax deduction?

Last Answer : Goodwill donations are tax deductable, and there are several stores in the Seattle area where yuo can donate your wheelchair. You may also want to look for a local charity for the disabled, or homeless shelter, as it is possible both could take your wheelchair as a tax deductable donation.

Description : Can I get a tax deduction for my roth IRA?

Last Answer : There is no Roth IRA tax deduction, but this does not mean that the Roth IRA does not have tax implications. More information can be found by asking an accountant.

Description : Section 80E of the Income Tax Act provides for deduction of interest paid on Education or study loan taken for higher education. Deduction under section 80E is available for _____ A. 2 years B. 4 years C. 8 years E. 10 years

Last Answer : C. 8 years Explanation: An education loan can not only fund your higher studies but also help save tax. The interest paid on the education loan can be claimed as deduction, as per Section 80E of ... and is available up to eight years, or until the payment of interest in full, whichever is earlier.

Description : Which of the following is an indication of lack of objectivity of an auditor? a. The auditor believes that accounts receivable may not be collectible, but accepts management's opinion without an independent evaluation. ... . c. Both a and b above would be a violation d. Neither would be a violation

Last Answer : The auditor believes that accounts receivable may not be collectible, but accepts management's opinion without an independent evaluation.

Description : From the following deduction , which deduction from subsistence allowance is needed prior consent from suspended employee a. Deduction related with income tax b. Repayment of loans and advance taken from government c. Deduction related with PLI premium

Last Answer : c. Deduction related with PLI premium

Description : Raman & Co., a Partnership firm, received Rs.5 lakh from Insurance Company under Keyman Insurance Policy consequent to demise of Partner Pramod. The amount of premium of Rs.230000 paid earlier was claimed as ... ) b) Fully taxable as Income c) Rs.270000 is taxable d) Rs.230000 is taxable

Last Answer : d) Rs.230000 is taxable

Description : Which class of beggars is more suitable to receive charity ? If one of us gets more than one beggar who is physically disabled then who is more suitable to give charity ?

Last Answer : Alhamdulillah. One: Helping the needy , giving alms to the poor and needy are among the good deeds and acts of worship. Allaah says (interpretation of the meaning ) : Those who spend their wealth by night ... benefit is reduced by sharing a small amount of wealth." [End] [Fatawa bin Baz (14/317)]

Description : How much money from junk car donations can I write off on my taxes?

Last Answer : The first thing you need to know is what price the person or the charity you donate the car sale it for. When you know the price you can write it off on you taxes. But if they don't sale the car you should evaluate the Market Value because IRS will evaluate it by Market value.

Description : If you win a prize to donate to charity do you get it as a tax write off?

Last Answer : It would be a tax write-off . . . of itself. So net zero effect on taxes. Though if you ever “itemize” deductions, then it might make a difference in some arcane way.

Description : What charities accept junk car donations?

Last Answer : Donating junk vehicles depends on your location. Go to donationonline.com for more information and to select the charity you wish to donate to. There are hundreds of charitys to choose from!

Description : Where can I find a place that accepts junk car donations?

Last Answer : Goodwiil accepts junk car donations, but be advised that if you're looking for a tax deduction, you won't get much, just the scrap value of the car.

Description : Are there any car donations organizations in or around New Haven, CT?

Last Answer : carangel is one of the organizations in CT

Description : What is the maxiumum deduction for junk car donation?

Last Answer : There isn't a set in stone maximum deduction. However since 2005 the IRS has adopted tougher rules limiting the deduction to the actual sales price of the car if it is over 500$. The charity has to ... 30 days, but you have no right to know what the deduction will be before you donate the vehicle.

Description : Do you still get a charitable deduction for junk car donation?

Last Answer : You can still get a tax deduction for the donation of your old car. You will receive a deduction that equals the actual fair market value of the vehicle, and you cannot automatically receive the maximum allowance.

Description : how much does sperm donations pay and what are the procedurs?

Last Answer : It depends on the need of each sperm bank and if there are any state rules, but typically you contact the sperm bank and they screeen you, you have to be a certain age and make a time commitment to how many donations you make. Average pay is $30-$50 per donation.

Description : Where could I donate a junk car to charity in Iowa?

Last Answer : There are multiple charity options in Iowa that will accept a car donation. Most charities will give you the standard tax deduction form for donating including The Salvation Army, contact (402) 342- ... give you the choice between using your donation as a tax deduction or receiving a free vacation.

Description : What is the best charity to donate my gently used car?

Last Answer : Goodwill. They have many locations and an established reputation.

Description : What is the best charity to donate my car to?

Last Answer : There are several reputable organizations that you can donate your car to, including Kars4Kids, Cars for Kidneys, Cars for Homes. Whichever you choose, check the Better Business Bureau to make sure they are not a scam.

Description : Where can I go to find places to donate my car to a charity?

Last Answer : There are many websites to locate charities in your area. You can visit www.donate-car-for-charity.com.

Description : If a person declares they are running for an office and starts collecting donations, what happens to that money if the person doesn’t run or quits early on?

Last Answer : Most states have strict laws on use and candidates have to list expenses and donations down to the penny. Likely he spent it all but it should be public record in your state. Here it’s Missouri Ethics Commission.

Description : Why the hell would border patrol refuse donations for the kids we have in cages with no toiletries?

Last Answer : Well to begin with we don’t want any confirmation on what these people certainly know; that compared to their homes, ours is a land of nearly obscene wealth.

Description : How can I write a letter asking for donations?

Last Answer : 1. Be honest and upfront - I need help 2. Say what the medical condition is and why your doctor says you need surgery. And explain both the consequences of not having the surgery and what the ... as to why a life threatening condition doesn't move you up on the waiting list should also be added.

Description : Are there laws governing what percentage of donations must go to the cause?

Last Answer : answer:It's probably something that is in the information from IRS. Another related issue is how much is not OK for the CEO and others to make. I think of the Girl Scouts, who, if ... makes almost half a mil a year. http://www.charitynavigator.org/index.cfm?bay=search.summary&orgid=6551#.VrdQ_vkrLIU

Description : How illegal is it to solicit people for money, supposedly for medical reasons, but they actually used the donations to buy new furniture and appliances?

Last Answer : Fraud

Description : How are charities and donations tracked?

Last Answer : Check the charity reference sites and find out. Even better, for local donations, volunteer to work with the organaziation.

Description : What do you think the response would be if I set up collection points for money donations to help poor people pay their utility bills?

Last Answer : “How do I know the money will really go there?”

Description : What is the most polite way to ask for donations?

Last Answer : What about wording it in a way that says “please sponsor me in the 5k race for the cure”? Then you can go into more detail about the race for the cure after that line.

Description : Is it illegal or unethical to buy someone's donations?

Last Answer : answer:Let's break this down Bob isn't going to donate his junk no matter what, right? he's too damn lazy I guess So he makes fifty bucks that he otherwise wouldn't be making, you get ... /lawn mower/box full of blankets that they otherwise wouldn't have the opportunity to have? Yep, everyone wins.

Description : What is your view on the banning of blood donations from homosexual men?

Last Answer : I think it’s wrong and archaic and did I mention, wrong? Yep, that’s it.

Description : Do you feel our government (America) allowed BP to drill without safety precautions to get campaign donations?

Last Answer : I think that the climate at the time the permit was granted was pro-business.

Description : Are you angered by constant request for donations? Most of them are from illegitimate charities.

Last Answer : answer:I hate it when I get asked to donate anything in passing, it's so frustrating. If I gave money to each person asking me for money, I'd be broke all the time! The only ways I go about donating, are through ... If he uses that lame ass I'm out of gas and need a few bucks line, I tell him no.

Description : Is there a way to get donations via pay pal without paying a fee?

Last Answer : Paypal is not going to work for free. No.

Description : Need help writing a letter for donations/sponsors?

Last Answer : This site can teach you how to write grant letters and applications.

Description : What's the best way to get donations from local businesses?

Last Answer : Direct contact, and just ask them. Be prepared to explain what you will be using the donation for.

Description : What donations would be good for holiday presents?

Last Answer : Heifer is a great org. Try donations to causes that are local to you. I always donate to local non-profits. Pick a cause dear to you and do an internet search.

Description : I recently died from a plasma donation where people are drained and given money. Have you heard anything about this?

Last Answer : I've heard about it, I think it's a good thing to encourage someone to help a little more.

Description : what percentage can a s corporation give for donations in a calender year

Last Answer : Need Answer

Description : Why do we need blood donations?

Last Answer : Science has not been able to produce artificial blood yet, so weneed blood donations to help people who have been injured and needblood.