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I have a question about donating a car. KBB says my car is worth about $750, NADA says $350. So assuming I donate the car and take the maximum $500 for it how does that affect my taxes? Will I get a full $500 back or will it be some fraction there of? Or would I be better off selling the car for scrap? I can get $300 in cash if it goes to the scrap yard but if I can get more through going the tax route I will.
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Sep 10, 2012 21:47
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| # ¿ Jun 2, 2024 19:27 |
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Thanks for the quick replies. To the scrap yard it goes.Admiral101 posted:You're going to be better off financially selling it for scrap. Of course, some poor person somewhere gets screwed out of getting your free car. So the question becomes: how cold and frozen is your heart? 20 years in the great white north with salty roads has done a great disservice to the undercarriage of the car. Although it runs and drives and there isn't anything mechanically wrong with it my state has deemed the frame too rusty to pass inspection. Which is kind of funny because there weren't any holes in the sub frame where they said it failed (unless the state got stricter on the rules). I wasn't going to argue the matter over a car that wasn't worth that much. I probably could have taken it to a local repair shop with looser standards than the deanship I get my work done at but it gave me an excuse to buy a car with out the wife yelling at me. So unless it was going to a state with no/lax inspection standards it was destined to be parted out/sent for scrap anyway. So to answer your question, as cold and frozen as the weather is most of the year.
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Sep 11, 2012 17:53
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