"Donate Car To Charity" Scheme May End

[SteveOrdinetz]

Joseph Pappalardo wrote:

>For someone in the 30% tax bracket.
>
>A $1,000 book value car donation....would yield $333 break.
>
>Are you saying that the charity doesn't get at least $333 from that vehicle?
>
>(I know the broker gets a peice of it...but not that high.)
>
> > If you are getting a deduction that is larger than you could actually sell
> > the car for....
>
>If I was in the 27% tax bracket....I would get a $270 break on a car that
>the Kelly Blue Book says I could get $1000 for.  That's not a larger
>deduction than I could actually sell it for.  According to the blue book.


I've always thought this scheme sounded like a sham...a way to get rid of 
some worthless old clunker and be able to get a tax deduction for it.  If 
the car was any good, why would you want to give it away in the first place?