Camario

I have a 92 camaro rs that i want to get rid of. Engine & tranny are both dead. I tried to sell it cause the body is ok. no dice. Im wondering if donating the car to charity is worth the $500 tax deductible vs selling the car.

Has anybody done this or know anything about this?

Rare99Z

iTrader: (35)

I donated my old 1990 V6 firebird to charity like 3 or 4 years ago. I don't remember how much of a tax write-off it was. somewhere around $300 or $500. I spun out and smacked a curb pretty hard which twisted the frame and jacked up the front suspension and bent an axle . So the car wasn't worth much to begin with. I just wanted it gone

Dragula

iTrader: (5)

Check into the new tax laws before doing so. They've changed. Too many people were taking advantage of this. I think the new laws state you get to right off the amount they auction it for.

crewgirl

For the 2006 tax year you got to claim the fair market value of the car. Here's the catch, you have to be able to itemize deductions in order for this to benefit you financially.

Tom@SpeedInc

iTrader: (5)

from past expirience

Avoid doing an itemized deduction....... red flag for an audit.

Even if your paperwork is straight, they still find reasons to knock things back.

litle88

iTrader: (20)

Camario you wanna donate that SS? LOL
I'll take the..........hold on let me think..........I called "dibs" (as they say on the classified section) for the wheels. LOL

Camario

Sounds like donating it is not as good as it was before, I'll have to look up the current laws just to make sure. Thanks for the info everybody.

Little8 im dumping the 92 (ninety-2) RS not 01 ss... now i have to keep a lookout and make sure burt reynolds doesnt steal my wheels!!!

litle88

iTrader: (20)

Get insurance and DUmp it in the River LOL!!!!
I wont but the VATOS from the "hood" will for a bag or 2!!LOL