IRS Experts: What is the tax reduction worth of donating a car worth appx $1500.00 to a chariatable organization?

  • rnch

    Posts: 11557

    Jul 12, 2012 9:14 PM GMT
    My '81 lincoln town car needs the trasmission rebuilt. To me, the car is not worth sinking 1k to $1500 into a car tha is worth about $1500.

    the best offer I've had on the car "as-is" is $400.00

    If I donate the car to Bridge House, a local chartiable organization, what dollar amount (appx) would my be 2012 income tax bill be reduced by?

    Or would I be better off selling it for the $400.00 offer?

  • Posted by a hidden member.
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    Jul 13, 2012 2:04 AM GMT
    How did you come up with the $1500 value? If you're not getting any cash offers above $400, then it's not worth $1500. Sentimental value is not tax deductible. icon_lol.gif