"Donate Car To Charity" Scheme May End
Sat Dec 18 18:11:56 EST 2004
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?
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