Is there an accountant in the house!?!

[red_rose]

If so... can we... *ahem* take it to pm?

I'm thinking of donating a car and was wondering if the car was worth x amount of dollars and I made x amount per year, would I be able to itemize my deductions and write it off? Would I get anything for my troubles? lol

(I'm not exposing how absolutely broke I am to all ya'll. I work for peanuts. Just leave it at that. lol)

 

[red_rose]

bumpity-bump-bump

Nobody?

I'm so lost... someone... please... help... me....

 

[Nora]

Try this to start with, sweetypie. Car Donation Tax Info

And there's probably info on the IRS website, but I hate their site so I'm not lookin', not even for you!

 

[Ukin]

If so... can we... *ahem* take it to pm?

I'm thinking of donating a car and was wondering if the car was worth x amount of dollars and I made x amount per year, would I be able to itemize my deductions and write it off? Would I get anything for my troubles? lol

(I'm not exposing how absolutely broke I am to all ya'll. I work for peanuts. Just leave it at that. lol)

Me..I am an accountant and a qualified Tax advisor

email me for a specific answer ukinmale@aol.com

 

[Nora]

And as an added bonus, at the Accounting Firm of Ukin, Ukinmebbe and Ukin't every client is gifted with the opportunity to play "What's Under the Hand!" If you guess correctly, an added loophole will be found that has the potential to save you HUNDREDS of dollars!!

(sorry Ukin, couldn't resist!)

 

[Cheyenne]

The general answer is that yes, the value of the car is a deduction for a charity contribution if you donate it to a charity. Whether it makes more sense for you to itemize or take the standard deduction has a few more variables to look at besides the car.

 

[red_rose]

Hey Calypso

Yer box is full, m'dear.

I was going to say this:
Thanks! I PM'd him. I have a feeling that I won't really be able to write it off... Que sera!

Thanks again!

 

[Ukin]

And as an added bonus, at the Accounting Firm of Ukin, Ukinmebbe and Ukin't every client is gifted with the opportunity to play "What's Under the Hand!" If you guess correctly, an added loophole will be found that has the potential to save you HUNDREDS of dollars!!

(sorry Ukin, couldn't resist!)

Mmm...I need some new clients...I do cheap tax returns for a hint of cleavage

Nora...I like the humor lass....very clever

 

[Ukin]

The general answer is that yes, the value of the car is a deduction for a charity contribution if you donate it to a charity. Whether it makes more sense for you to itemize or take the standard deduction has a few more variables to look at besides the car.

The itemized must exceed the standard deductions..otherwise, no point in donating for tax purposes only.

 

[red_rose]

If I sold the car, I would either do one of two things:

a) Sell it for about $1k and take some poor schmuck for a ride - same thing that happened to me.

b) Sell it for what it's worth and walk away with maybe $500.

 

[calypso_21]

Re: Hey Calypso

Yer box is full, m'dear.

I was going to say this:
Thanks! I PM'd him. I have a feeling that I won't really be able to write it off... Que sera!

Thanks again!

Cleared and you are welcome!! If you need anything yah know am available!

 

[Ukin]

If I sold the car, I would either do one of two things:

a) Sell it for about $1k and take some poor schmuck for a ride - same thing that happened to me.

b) Sell it for what it's worth and walk away with maybe $500.

Morals dear..morals. Do unto others as you would like others to do unto you...or something like that!

Take $750 and meet me for a weekend in Vegas hahahaha

 

[red_rose]

Whatever I get for it goes towards putting a dent in the money I owe my friend.

 

[Ukin]

Whatever I get for it goes towards putting a dent in the money I owe my friend.

You are a nice friend. Get someone to look at the Blue Book for you..it will give you a rough idea of the value (it's the one the IRS use too)..or look in the papers...or even try ebay.

 

[Cheyenne]

The itemized must exceed the standard deductions..otherwise, no point in donating for tax purposes only.

Exactly.