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Donating and tax deductions
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Posted by DougM [Email] (#211) [Profile/Gallery] (more from DougM) on Fri, 26 Oct 2007 14:30:36 Share Post by Email
In Reply to: 1999 9-5 Wagon - Engine damaged beyond repair, SAAB since 1985, Thu, 25 Oct 2007 21:39:58
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I was informed the other day that the changes in the donation/tax deductions laws are not so favorable as they used to be. In years past, you would have been able to take a deduction of the blue book value of the car, no questions asked(even if the car was a total piece of crap). The law now allows you to only take a deduction in the amount of money the donation place sells the car for. Since it needs a new engine, I doubt it's worth more than a few hundred dollars. It could also only be sold to a junkyard for scrap value if it doesn't sell on the lot.

Take the $1500 and source a used engine, as said numerous times in this thread.

posted by 75.187.23...

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