Friend is donating a car and getting a 1500 donation receipt..my question is can he truly write off the 1500.00??? If we consider he's single and no kids..how much is this donation worth in his next year tax writeoff??
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06-10-11 05:16 AM #1
If you sell car and donate it/help??
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06-10-11 05:26 AM #2
People make up church donations for more than that and never get caught.
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06-10-11 07:45 AM #3
That doesn't answer my question..how much of that amount can he truly get back
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06-10-11 08:26 AM #4
When you donate, you do not think about getting it back.
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06-10-11 10:34 AM #5
Depends on his tax bracket and if his itemized deductions are $1500 more than his standard deduction.
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06-10-11 10:45 AM #6
ALSO THE KEY thing is that you have to itemize! And you have to meet the minimum amount of standard deduction which is more than $1500.
Why not just sell the car for $1000 and screw the deduction that you probably wont get anyway
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06-10-11 11:08 AM #7
As long as you are able to itemize it is fully deductible. There is also nothing better than taking a bag of old clothes or a piece of furniture to Goodwill every December and receiving a blank receipt to fill in however you choose.
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