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My question is: US-specific
QUESTION: Can I get a tax write-off if I donate my vehicle to
charity? I am not a homeowner. I am a single male paying rent for
an apartment and make $28000/yr. What are the qualifications to
take this write off?
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david ingram replies:
The answer is yes, but from your description, it would not likely
be worth anything as a deduction unless it was an expensive
vehicle. The reason is that you have to give up your standard
deduction of about $4,800 (for 2003) to claim a donation amount
for your car.
What this means is that if your car was worth $5,000 and the
Kidney Foundation gave you a $5,000 charitable receipt for it,
you would get $200.00 more deduction than you get as a standard
deduction anyway.
Of course, once you have got a start in itemized deductions, any
other charity becomes a deduction as well..
Subject to limitations, union dues, tax preparation, some
business expenses and other things can also add to your itemized
deductions.
david ingram - [email protected] <mailto:[email protected]>
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 913-9133 - (604) 913-9123 www.centa.com
<http://www.centa.com>
Cell is (604) 657-8451 (10 AM to 10 PM seven days a week)
US/Canada Real Estate Taxation Specialists
US / CANADA / MEXICO
Working Visa and Income Tax Specialists
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