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If you give it to a bona fide charitable organization, then yes, you're allowed to deduct the fair market value of the car as a donation (provided you itemize deductions).
If that's not what you were talking about, then you're going to need to be more specific.
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∙ 13y ago
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What kind of tax deduction can one take for a donation of cars?
There are many tax deductions that one can claim when donating their old car. If they donate to a charity, they can normally get a proportion of the value of their car in terms of deductions.
What is a 1040x form?
The 1040x form is used to make changes to a tax form which has already been filed. You can change filing status, tax deductions, total income, or tax deductions.
What kind of tax deductions are related to cars?
There are a 5 main areas for tax deductions relating to cars according to experts. The 5 areas are general business use, depreciation of a vehicle, miles driven for business,sales taxes on vehicles sold before January 2010 and leasing a business vehicle.
Are there any programs that offer tax deductions when you donate junk cars?
Yes, one of the most popular is 1800 Charity Cars. You can only claim on your taxes the actual price of the car and you must also itemize your tax return.
How can one use their vehicle for tax deductions?
There are several different ways that vehicles can be used for tax deductions. If a vehicle is used for primarily business reasons and has several kilometers of business driving on it, those kilometers (or, in some cases, the cost of the vehicle itself) can be deducted. Sales taxes on the vehicle and the overall decrease in a vehicle's value can also be applied towards tax deductions.
Are cats a tax deduction?
Pets are not tax deductions.
Which tax software offers the msot deductions?
Tax Cut Premium has all sorts of deductions and works great for investments.
Itemized deductions are recorded on what tax form?
Itemized deductions are recorded on: Schedule A.
Funeral expenses are they tax deductions?
No.
Where can you get receipts for tax deductions?
in the trash
Are social security deductions pre-tax or post tax?
Post tax
Is there a sales tax on a used car in Oklahoma?
What is the sales tax on used cars in Oklahoma
