What is the maxiumum deduction for junk car donation?

What is the maxiumum deduction for junk car donation?
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1 Answer

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 notify you of this within 30 days, but you have no right to know what the deduction will be before you donate the vehicle.
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Related questions

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

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.

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

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.

How do I make a junk car donation?

Description : How do I make a junk car donation?

Last Answer : You can donate a car to charity by checking with various local charities such as the Salvation Army, Goodwille, or Mel Trotter minisitires

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

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.

What is the maximum tax deduction for an auto donation 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.

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?

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.

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

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.

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

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

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

How do I write off a salvation army car donation?

Description : How do I write off a salvation army car donation?

Last Answer : A few years ago you used to be able to write off the full amount of the Kelly Blue Book value of the car you donated. But since lawmakers have tightened up the laws you can now only claim what the ... doesn't sell it you will need to contact them to find out the amount you can claim on your taxes.

Is my car donation tax deductible?

Description : Is my car donation tax deductible?

Last Answer : Yes, car donations are deductible. Check with the group you donate the car to. If the organization you donate to is a registered charity, yes.

What kind of tax credit can I get by utilizing a car donation program?

Description : What kind of tax credit can I get by utilizing a car donation program?

Last Answer : There is no such thing as a tax credit for a car donation http://www.givecars.com/car-donation-claims.html

Is there a car donation tax if I donate my car?

Description : Is there a car donation tax if I donate my car?

Last Answer : There is a car donation tax credit if you donate your old car to an authorized charity. The current deduction value limit is $500.

Where can I make a tax deductible car donation?

Description : Where can I make a tax deductible car donation?

Last Answer : You can make a tax deductible car donation at donateacar.com

What amount can I deduct from my taxes for a charitable car donation?

Description : What amount can I deduct from my taxes for a charitable car donation?

Last Answer : You can deduct about 500 dollars through car donation

How much of a tax credit can you get for car donation?

Description : How much of a tax credit can you get for car donation?

Last Answer : It is based on the "Actual Fair Market Value".. The prices ranges from car to car. Your find out the credit you will get when you donate your car.

Where can I find a car donation center in Chicago?

Description : Where can I find a car donation center in Chicago?

Last Answer : There are many charities that accept car donations. Check with local charities such as Goodwille, Salvation Army, or Mel Trotter ministries.

How can I get the most out of my piece of junk car?

Description : How can I get the most out of my piece of junk car?

Last Answer : answer:I get most of my cars from people like you. Trade-in is a viable option too; they can fix it for less than they’d charge you. Regardless, you won’t get much.

What parts are important to sell from my junk car?

Description : What parts are important to sell from my junk car?

Last Answer : It all depends on your vehicle. my wife has a 1991 Honda Accord with 85,000 miles on it. we have no intention of selling or junking it, BUT, we have discovered that the fenders are worth a fortune ... a junk yard and ask your question or a worker at AutoZone. these guys have a world of knowledge.

How can I make all the junk calls stop?? (Several times a day, always about "my car warranty"... I have never owned a car.)

Description : How can I make all the junk calls stop?? (Several times a day, always about "my car warranty"... I have never owned a car.)

Last Answer : You want to speak to AT&T’s abuse department who will be able to track down the caller and file a complaint.

is a junk car removal service expensive?

Description : is a junk car removal service expensive?

Last Answer : Junk car removal services are no more expensive now, there are many car removal services like Brisbane top wreckers, who remove your car without charging a single amount for you and pay you a good amount of ... your old or junk car. They are one of the best free car removal Ipswich and other cities

What do I do with my title when I sell my junk car for cash?

Description : What do I do with my title when I sell my junk car for cash?

Last Answer : When you sell your junk car for cash, you should sign over the Title (or pink slip) to the business to which you sell the car. That releases you from liability.

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

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.

What will a junk yard typically pay for a junk car?

Description : What will a junk yard typically pay for a junk car?

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What charities accept junk car donations?

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!

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

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.

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

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.

How much of a tax write off can I expect for donating a junk car?

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Last Answer : By law, your deduction is limited to the amount the charity sells the car for, so for a junk car, you're not going to get much of a deduction.

how much can i get to junk my car.......1992 cutlass ciera?

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