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Posted: 11/5/2009 7:05:51 AM EDT
[#1]
Anyone??
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Posted: 11/5/2009 7:16:40 AM EDT
[#2]
Quoted:
so, I have a truck I need to get rid of ('85 F150. needs a clutch). I can sell it to the junkyard for $100, or I can donate it for a $500 tax deduction. now, knowing that the tax code is FUBAR, assuming I am going to be getting a refund this year, anyway, would my refund simply go up by $500? or is it even worth it to donate rather than simply selling it? You are getting a tax deduction and not a tax credit. A $500 tax deduction reduces your taxable income, it does not give you a dollar-for-dollar reduction in your tax liability - in other words, you don't get $500 off your tax bill. ETA - you also have to itemize in order to take advantage of the tax deduction. |
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Posted: 11/5/2009 7:17:57 AM EDT
[#3]
Quoted:
Quoted:
so, I have a truck I need to get rid of ('85 F150. needs a clutch). I can sell it to the junkyard for $100, or I can donate it for a $500 tax deduction. now, knowing that the tax code is FUBAR, assuming I am going to be getting a refund this year, anyway, would my refund simply go up by $500? or is it even worth it to donate rather than simply selling it? You are getting a tax deduction and not a tax credit. A $500 tax deduction reduces your taxable income, it does not give you a dollar-for-dollar reduction in your tax liability - in other words, you don't get $500 off your tax bill. ETA - you also have to itemize in order to take advantage of the tax deduction. +1 , you would probably be better off getting the $100 |
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Posted: 11/5/2009 7:21:27 AM EDT
[#4]
How much do you think you will get back approximately? I always laugh at people who get excited around tax time because they get 1-10K back. Why people are too stupid to break as close to even as possible is beyond me and why people think getting an enormous tax refund is a good thing is also beyond me. I have heard morons brag about getting a big refund before... Hey, guess what I am getting 1500 back... really? You are an idiot...
Do your taxes correctly you can avoid letting the gov't hold your money interest free for a yr. |
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Posted: 11/5/2009 7:24:15 AM EDT
[#5]
Cut the cat off and sell that.Scrap the battery,then the truck for at least $200- more.
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Posted: 11/5/2009 7:29:42 AM EDT
[#6]
Donate it to a local Volunteer Fire Dept. Trust me they will appreciate it, and might let you come and participate when they cut it up. I know ive let people who have donated cars to us watch and even let them use the tools a little if they wanted.
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Posted: 11/5/2009 7:43:24 AM EDT
[#7]
Quoted:
Quoted:
so, I have a truck I need to get rid of ('85 F150. needs a clutch). I can sell it to the junkyard for $100, or I can donate it for a $500 tax deduction. now, knowing that the tax code is FUBAR, assuming I am going to be getting a refund this year, anyway, would my refund simply go up by $500? or is it even worth it to donate rather than simply selling it? You are getting a tax deduction and not a tax credit. A $500 tax deduction reduces your taxable income, it does not give you a dollar-for-dollar reduction in your tax liability - in other words, you don't get $500 off your tax bill. ETA - you also have to itemize in order to take advantage of the tax deduction. ok. well, considering how close I am to the poverty line, it might actually make more sense to get the deduction. that might actually take me to or below the poverty line, which of course will reduce my taxes to next to nothing. |
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Posted: 11/5/2009 7:50:06 AM EDT
[#8]
are you able to itemize more than the standard deduction?
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Posted: 11/5/2009 7:54:37 AM EDT
[#9]
If you have a mortgage, you probably qualify for itemizing. If you do, this will add $500 x fed-tax-rate % to your refund. As a rough #, say 30% tax rate, so $500 x 30% = $150.
If you can't / don't itemize on your taxes, you loose if you donate. *note - I'm not sure what charitable donation rules might apply - not a tax pro, just a tax sufferer like the rest of us. |
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Posted: 11/5/2009 7:56:35 AM EDT
[#10]
If it's only missing a clutch you could try to sell it for parts. If it's a rust bucket heap missing a clutch, then I'd junk it.
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Posted: 11/5/2009 12:47:22 PM EDT
[#11]
thanks for the response, guys. seeing as I usually don't itemize, I'm going to sell it either to a junk yard, or my buddy who wants to fix it up, if he actually has the cash he said he had on hand this weekend.
hell, I'd trade it for an xbox 360 just as easily. |
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