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Thread: donations and taxes

  1. blondiebabe
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    #1
    07-20-2011 05:49 PM

    Help donations and taxes

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    How can you find out how much tax return you would get for your donation?

    We are thinking about donating DF and I's (grammar...??) car to the national kidney foundation because they fix them up and use them. So from what I understand from the IRS website we would get the tax refund on the entire $2500 that his car is worth (kelly blue book). But how much would we get back on taxes? We're just trying to figure out what the best bet is and what will be most beneficial.

    I'm all for not getting as much if it can help people, but I also don't want to get like $100 for it when we could sell it for parts or trade it in for more than that.
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  2. Beach
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    #2
    07-20-2011 06:18 PM
    Do you itemize? If not, it does nothing for you. If so, you can deduct a portion of it's worth. However, it's a deduction (lowers your taxable income) not a refund.
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  3. TrishAFSpouse
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    #3
    07-20-2011 09:40 PM
    Quote Originally Posted by Beach View Post
    Do you itemize? If not, it does nothing for you. If so, you can deduct a portion of it's worth. However, it's a deduction (lowers your taxable income) not a refund.
    This... all it will do is reduce taxable income which may or may not increase your refund.

    Any single donation over $100 requires a 501(c)3 letter from the organization. Its proof the item was donated and its worth.
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