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It must have been around last fall, I was looking for someone or a shop to help me tie up some lose ends on my ‘71 Corvette (see photo) so that I may donate it to help the Wounded Warriors program and the children’s hospital.
Somebody sent me a pm stating they are connected with a shop that is willing to pick up the car and transport to this shop to do the work (In so many words, paraphrasing)
I ran into my anticipated health problems and the idea was forgotten. I’m ready now to donate this car and
My sincere apologies to that person who contacted me. I’ve searched and cannot find that pm.
Does this sound familiar? Also, for those that have donated a car, perhap with substantial value, did you claim it on your income tax return? If so, where does it go, what lline?
You will get 500 off your taxable income unless you get a certified appraisal. They are gonna sell it at auction. Best bet might be sell it and donate the proceeds.
You will get 500 off your taxable income unless you get a certified appraisal. They are gonna sell it at auction. Best bet might be sell it and donate the proceeds.
I was thinking the donation of the car over selling it myself simply because of the hassle I have to go through dealing with bargain hunters. Waiting for people who don’t show, asking for deep discounts before they even see the car and my favorite - those that want a brand new car otherwise it’s half off!
It must have been around last fall, I was looking for someone or a shop to help me tie up some lose ends on my ‘71 Corvette (see photo) so that I may donate it to help the Wounded Warriors program and the children’s hospital.
Somebody sent me a pm stating they are connected with a shop that is willing to pick up the car and transport to this shop to do the work (In so many words, paraphrasing)
I ran into my anticipated health problems and the idea was forgotten. I’m ready now to donate this car and
My sincere apologies to that person who contacted me. I’ve searched and cannot find that pm.
Does this sound familiar? Also, for those that have donated a car, perhap with substantial value, did you claim it on your income tax return? If so, where does it go, what lline?
The apriasle and what the charity will give you will be way lower then most low ball offers. Take it to Corvettes at Carlisle next week.
I was under the impression the car donation would work like Purple Heart. You fill out their receipt with a fair amount, market value, or use the suggested price guides from the IRS however in this case go by some publication like NADA.
I was always under the assumption that you got the price that the charity eventually sells the car for. This is a change form the past after alot of abuse in the car donation deduction. Ike
I was under the impression the car donation would work like Purple Heart. You fill out their receipt with a fair amount, market value, or use the suggested price guides from the IRS however in this case go by some publication like NADA.
Everybidy was donating junk and claiming NADA book on their taxes. Claiming 5 or 6k and purple heart etc were getting 250 bucks. So they capped it at 500 bucks without an appraisal. I like the way they will call blue book meaningless unless they are using it to charge sales tax ..
Last edited by derekderek; 08-17-2018 at 10:14 PM.
Everybidy was donating junk and claiming NADA book on their taxes. Claiming 5 or 6k and purple heart etc were getting 250 bucks. So they capped it at 500 bucks without an appraisal. I like the way they will call blue book meaningless unless they are using it to charge sales tax ..
I really dislike asking a stupid question, but do you include a copy of a professional car appraisal with your tax return or just hold on to it in case you are audited? If you are filling electronically can you include this appraisal form?
Not sure. I was buying 10 yr old accords for 300. Fix and ee-sell for 15-1800. Just remember. The donation is off taxable income. So you will be getting mebbe 20% of that off your taxes. And you are close to Carlysle. And it is in a week or 2.
Its great that you want to donate it to a cause but maybe you could donate it to a more local cause in your area or have a local corvette club like "Delaware valley corvette club" get involved with you. they have the means and connections to make sure the car is up to snuff and market it for a local cause closer o home (veterans or ?) . This way you will see your donation and the money it generates at work locally. I used to buy raffle tickets for a lot of those national car "give a way" contests for different cause's etc till I found out a lot of the money they generate they keep for their operating expenses and very little goes to the cause's. i also didn't like when I found out if you won a car be it a corvette or a cobra etc ,depending on the state the raffle is in, you the winner have to pay all tax's in Cash up front with in a specified time limit or you void the prize. depending on the car, that price's a lot of people right out of the winners circle as they dont have that amount of cash just laying around.
08-17-2018, 03:29 PM
Need help remembering
