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Yes, you should be a ble to get a tax credit for the charitable contribution. It may have to be subtracted from your standard minimum deduction however. Be careful on the amount you claim also, it will surely raise an audit flag with the IRS.
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Do you receive a tax credit when you donate old cars in the state of Alabama?
You are eligible for a tax credit when donating any car.
What can you tell me about this car donation tax?
You get no tax credit for donating a car www.edmunds.com/advice/selling/articles/48930/article.html
What are the advantages when donating your car to charity?
The advantages when donating the car to charity, first you get a tax receipt for income tax purposes. Also, you don't need to take the car to the junk yard, that's a plus. The main purpose is helping others that they need a car.
How much of a tax write off can I expect for donating a junk car?
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.
What are the benefits of donating your car ?
The benefit most people count on most is the federal tax credit. Many states also offer a tax credit.
Do you get a tax credit in Ohio for donating a car?
Yes, you can get a tax write off for donating your car in Ohio. You can donate it to places like good will or Charity Cars. Just make sure that you get the necessary paperwork to file with your taxes.
Are you to receive a tax credit when donating a vehicle to car donation programs?
No tax credits are being offered at this time however tax write offs are possible.
Can I donate junk cars as a tax writeoff?
Yes, there is a couple new options for donating your car for a tax writeoff. For example, you can donate your car to the veterans and they will even come and pick it up from you and you get to write it off.
Can donating a car be a tax deduction?
Donating a car to an IRS accredited charitable organisation can enable one to take advantage of a tax deduction. It is recommended that one takes advice from a tax professional during the process.
If someone was to donate a car to charity what sort of tax deduction could be made?
When donating a car to charity, a tax deduction is granted to you based off the market value of the car. What the car would have sold for is irrelevant when donating it to charity.
Can you donate a car to Goodwill?
Goodwill does accept donations of cars at most of their stores. When donating a car to Goodwill you must give a reasonable estimate of the car's value if you wish to use the donation as a tax credit to charity.
Where could I donate a junk car to charity in Iowa?
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) 342-4135 for information on donating. Also, there is the Teddy Bear Cops, www.givecars.com/car-donation-iowa.html, who give you the choice between using your donation as a tax deduction or receiving a free vacation.
