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when to donate?karalee 10-18-2004, 02:13 PM My car mechanic said I should dontate my car because it is a 1987 honda accord with 160,000 miles on it. I have to replace the timing belt, the water pump and a broken wire that leads to the light. None of this is major engine problem but will cost someone like me about 800 dollars to fix (I don't know how to fix cars myself nor do I have any friends that fix cars) Suggestions? AccordCodger 10-18-2004, 02:55 PM This is not related to whether to get rid of yourcar, but ----- if you donate it AFTER December 31st, I understand that the tax deduction you can take will be what the car actually fetched in auction when the receiving charity sold it. (Right now, you can take "fair market value") soon2bdropped 10-18-2004, 03:48 PM whats wrong with the car and where are you located JoeSchmidt 10-18-2004, 04:05 PM This is not related to whether to get rid of yourcar, but ----- if you donate it AFTER December 31st, I understand that the tax deduction you can take will be what the car actually fetched in auction when the receiving charity sold it. (Right now, you can take "fair market value") Correct. A tax "reform" that was somehow part of the recent huge corporate tax boondoggle passed by Congress. Gotta pay for those tax cuts for the superrich somehow. Automotive Network, Inc., Copyright ©2012
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