I bought a new SUV last week but I did not trade in my older SUV. I listed for sale but now I’m thinking maybe I should donate it. The Blue Book Value is about $2,700 but there about $700 in break repairs needed. So I listed it for $2,000 in Auto Trader. Would it be better to donate it to charity for the deduction?
Posts Tagged ‘Deduction’
Which is better a $2,000 cash sale of an older vehicle or a $2,000 tax deduction for donating it?
16
Jul
If I wrap my car for my business what kind of tax deduction can I expect?
28
May
If a car is wrapped could every mile driven be considered an advertising cost? How do business tax deductions work for wrapped cars?
Can I claim mileage as a tax deduction for my car?
14
May
My employer gives me a monthly car allowance and reimburses me for my gas.I was told I can claim roughly .47 cents a mile and deduct everything they have paid me (allowance and gas) Is this true? Any suggestions on what forms, etc. Thanks. Obviously this would be good for me because I drove about 45k miles last year for my job.
How and Will Obama’s new car sales tax deduction help me?
30
Apr
I have qualified for a loan and am purchasing a new Audi this week for $34,000 after trade in and rebates; I am a DEPENDENT making about $7,000 gross in 2009. In indiana sales tax is 7 percent.
Thanks for the comment
I am 20 years old and graduating next year from a good school. Already have a job lined up from my internship. My mother co-signed the loan.
Is it legal to claim certain itemized deduction even without proven docs when its a CPA who’s doing it?
19
Apr
I always do my taxes and has always been honest with regards to amount of deductions that I claim. I also have a friend that I help in doing her taxes for free. This time she said that a CPA of her friend said that she could get more refund if this CPA will do it for her for a fee. So we agreed that I will do hers and she’ll also let the CPA do it so we could compare the difference. She did get $1000 refund more than what I calculated. Upon reviewing what the CPA did, I discovered that she added a total of $5K donations in cash and goods named to goodwill and a certain church even though my friend did not actually donated. On top of that she added a $4K of mileage expense in connection with her work, although she really doesn’t use her car because she’s a stay-in caregiver. My friend is single and always use standard deduction. Because of what the CPA did, she now itemized. I think its unlawful.
But that’s the point. How often and unlikely would the IRS audit one tax payer to discover one CPA who’s doing fraud in favor of their client? I still think that I should report the CPA, but then I’m afraid that I will loose my friend. She already filed her return and this is the first time that she’s getting refund this much.
What is the difference between taking the standard deduction and itemizing?
19
Apr
I donated a car to charity and it sold for less than $500.00 and also we moved more than 50 miles so we know we can get some amount for our travel expenses but is this worth the trouble of itemizing and added this stuff to the charity deductions? I’m trying right now to do this but I’m not sure if it’s worth all this headache.
What should I do?
Thanks!
Car Purchase Income Tax Deduction For The Rich? How This Will Benefit of The Low Income Folks Who Use Bus?
16
Apr
WASHINGTON – The Senate voted Tuesday to give a tax break to new car buyers, setting aside bipartisan concerns over the size of an economic stimulus bill with a price tag approaching $900 billion. The vote was 71-26 to allow many car buyers to claim an income tax deduction for the cost of automobile sales taxes and interest payments on car loans.
With so many tax deductions the rich will end up not paying taxes at all.
Is this the ultimate corruption?
If you buy $45,000 car you will able to deduct the sale tax and the annual interest payments.
Why do not the government send the car as a gift? Why so stingy?
Mikulski’s office put the cost of the tax break she sponsored at $11 billion over 10 years. It would apply to the first $49,500 in the price of a new car purchased between last Nov. 12 and Dec. 31, 2009. Individuals with incomes of up to $125,000 and couples earnings as much as $250,000 could qualify, including those who do not itemize their deductions. A couple would save an estimated $1,553 on a new $25,000 car, aides said
If the goal is to buy an American car this will start a trade war.
Why not subsidize the public transportation in the cities and towns where the bus fares are sky rocketing and choking the low income?
Is the function of the American congress under the pure capitalism system is to work 7/24 finding new tax break sfor the rich who buy $49,000 cars.
Tax deduction on car rental for work – How do I do this?
02
Apr
I had to use a rental car for work for a period of time for solely work related business. The total amount came out to $1,121 and this was taxed. This amount was paid out of my own pocket, and I was no reimbursed for it. How do I claim this on my taxes as a deduction?
What the average Tax Deduction from a Car Donated to Charity?
21
Mar
average Tax Deduction from a Car Donated to Charity
What kind of tax deduction do you get for donating a vehicle to charity?
20
Mar
Do you have to donate a total certain amount to get a deduction? I live in MD…
How will the New Car Tax deduction work for me?
19
Mar
I bought a 2009 Potiac G6 in May of 2009 so I qualify for the New Car Tax deduction (NOT talking about Cash for Clunkers here). I make a good wage for a single person but never end up having to pay in additonally at the end of the year for taxes and always have gotten a tax return. How will this tax deduction work for me? Will I just get a larger return?
Is donating a car for tax deduction a good idea for me?
11
Mar
I’m not sure I really qualify for itemizing on my personal taxes.
can I get a tax credit for donating my car, or only a tax deduction?
01
Mar
I want to donate a working pick-up truck to charity. I have heard all about the tax deduction I would be eligible for, but isn’t a deduction only helpful if I OWE money on my taxes each year? I always, always get money back… so will donating a car be beneficial for me? Or am I better off just selling the truck?
Possible Tax Deduction or Not?
19
Feb
I want to donate my old car to the Salvation Army.
Will I be able to claim it as a deduction if I do not own my home?
I have to do the “straight file”, does that mean I can not claim the car as a donation?
1040 EZ= Straight File