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#1
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Used Car Donation
Good to know!! Read it............. If you are considering donating a
used car to a charity there are several things you need to know. Your donation benefits not only you but also recipient of your donation. Of course, who your recipient is and how they will use your used car varies from donation to donation. read more he Autos News http://www.zone-car.com |
#2
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Used Car Donation
In article om, nico wrote:
Good to know!! Read it............. If you are considering donating a used car to a charity there are several things you need to know. Your donation benefits not only you Baloney. Donate a car worth, say, $1000, for a $1000 deduction from my taxable income, and get maybe $300 off my taxes. Or sell the car, and get $1000. How, exactly, am I better off by donating it? -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. |
#3
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Used Car Donation
Doug Miller wrote:
In article om, nico wrote: Good to know!! Read it............. If you are considering donating a used car to a charity there are several things you need to know. Your donation benefits not only you Baloney. Donate a car worth, say, $1000, for a $1000 deduction from my taxable income, and get maybe $300 off my taxes. Or sell the car, and get $1000. How, exactly, am I better off by donating it? Seems you're not considering the point of donations to charities in the question... -- |
#4
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Used Car Donation
On 10 Sep, 11:25, (Doug Miller) wrote:
In article om, nico wrote: Good to know!! Read it............. If you are considering donating a used car to a charity there are several things you need to know. Your donation benefits not only you Baloney. Donate a car worth, say, $1000, for a $1000 deduction from my taxable income, and get maybe $300 off my taxes. Or sell the car, and get $1000. How, exactly, am I better off by donating it? -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. The new rules for auto donations over $500 require that (in most cases) charities actually sell the vehicle (even if it's to a junk yard) and then you get to deduct whatever the charity received for the car, once they inform you - in writing - of the amount received. Gone are the days of deducting the highest book value listed for a pristine used car when the donated vehicle was a piece of junk. See http://www.irs.gov/pub/irs-pdf/p4303.pdf for more info. However, as per that document, if the charity is going to make "significant intervening use of the vehicle" then all you need is verification from the chartity that the vehicle is worth what you said it was. For example, let's say I donate a beat up, broken down vehicle to the auto repair program at a local BOCES. Regardless of the condition of the vehicle, if the school plans to use the vehicle to teach auto repair and as long as they agree (in writing) that the dollar amount that I put on the donation form is valid, I can deduct a lot more than the vehicle would be worth on the open market. Been there, done that - the actual amount that my taxes were reduced was more than I, or any charity, could have sold the vehicle for. |
#5
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Used Car Donation
In article om, DerbyDad03 wrote:
On 10 Sep, 11:25, (Doug Miller) wrote: In article om, nico wrote: Good to know!! Read it............. If you are considering donating a used car to a charity there are several things you need to know. Your donation benefits not only you Baloney. Donate a car worth, say, $1000, for a $1000 deduction from my taxable income, and get maybe $300 off my taxes. Or sell the car, and get $1000. How, exactly, am I better off by donating it? -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. The new rules for auto donations over $500 require that (in most cases) charities actually sell the vehicle (even if it's to a junk yard) and then you get to deduct whatever the charity received for the car, once they inform you - in writing - of the amount received. Gone are the days of deducting the highest book value listed for a pristine used car when the donated vehicle was a piece of junk. See http://www.irs.gov/pub/irs-pdf/p4303.pdf for more info. However, as per that document, if the charity is going to make "significant intervening use of the vehicle" then all you need is verification from the chartity that the vehicle is worth what you said it was. For example, let's say I donate a beat up, broken down vehicle to the auto repair program at a local BOCES. Regardless of the condition of the vehicle, if the school plans to use the vehicle to teach auto repair and as long as they agree (in writing) that the dollar amount that I put on the donation form is valid, I can deduct a lot more than the vehicle would be worth on the open market. Not legally, you can't. Been there, done that - the actual amount that my taxes were reduced was more than I, or any charity, could have sold the vehicle for. Gee, I don't think it's really too smart to admit in a public forum to have engaged in a conspiracy to evade income taxes... -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. |
#6
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Used Car Donation
On 10 Sep, 13:48, (Doug Miller) wrote:
In article om, DerbyDad03 wrote: On 10 Sep, 11:25, (Doug Miller) wrote: In article om, nico wrote: Good to know!! Read it............. If you are considering donating a used car to a charity there are several things you need to know. Your donation benefits not only you Baloney. Donate a car worth, say, $1000, for a $1000 deduction from my taxable income, and get maybe $300 off my taxes. Or sell the car, and get $1000. How, exactly, am I better off by donating it? -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. The new rules for auto donations over $500 require that (in most cases) charities actually sell the vehicle (even if it's to a junk yard) and then you get to deduct whatever the charity received for the car, once they inform you - in writing - of the amount received. Gone are the days of deducting the highest book value listed for a pristine used car when the donated vehicle was a piece of junk. See http://www.irs.gov/pub/irs-pdf/p4303.pdffor more info. However, as per that document, if the charity is going to make "significant intervening use of the vehicle" then all you need is verification from the chartity that the vehicle is worth what you said it was. For example, let's say I donate a beat up, broken down vehicle to the auto repair program at a local BOCES. Regardless of the condition of the vehicle, if the school plans to use the vehicle to teach auto repair and as long as they agree (in writing) that the dollar amount that I put on the donation form is valid, I can deduct a lot more than the vehicle would be worth on the open market. Not legally, you can't. Been there, done that - the actual amount that my taxes were reduced was more than I, or any charity, could have sold the vehicle for. Gee, I don't think it's really too smart to admit in a public forum to have engaged in a conspiracy to evade income taxes... -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again.- Hide quoted text - - Show quoted text - Nice try at a troll, but you won't get my anger up... First off, to be a conspiracy it must have been "an agreement by two or more persons to commit a crime, fraud, or other wrongful act." So unless the folks at BOCES and I agreed that we were trying to evade taxes, it doesn't fit the definition. Second, I did not evade income taxes, nor did I even try. Based on BOCES estimation of the value of the vehicle *to their organization* the price I put down as the "donated amount" was acceptable. They saw the vehicle, evaluated it, and agreed that the value of the *donation* I claimed was accurate. That is why the exception to the rules about only being able to claim what the charity sold the vehicle for were added - the donated item might be worth much more to the charity, as a training device for example, than it's actual street value. Do you not think that BOCES, as a certified charity that needs to make sure they maintain that status, would have refused to agree (in writing) with the value I placed on the form if it was out of line? I doubt they care enough about me to red-flag their operation by helping me cheat the IRS. |
#7
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Used Car Donation
In article om, DerbyDad03 wrote:
First off, to be a conspiracy it must have been "an agreement by two or more persons to commit a crime, fraud, or other wrongful act." Well, let's see. You and the charity agreed on an artificially inflated value of the car you donated, in order for you to claim a tax deduction larger than what you're entitled to. That fits. So unless the folks at BOCES and I agreed that we were trying to evade taxes, it doesn't fit the definition. Yeah, right. I imagine the IRS will view that a bit differently, should you ever be audited. Second, I did not evade income taxes, nor did I even try. You did, and you did -- by claiming a deduction that exceeded the fair market value of the donation. Based on BOCES estimation of the value of the vehicle *to their organization* the price I put down as the "donated amount" was acceptable. They saw the vehicle, evaluated it, and agreed that the value of the *donation* I claimed was accurate. Doesn't matter. You're not entitled to claim a deduction for more than the fair market value, regardless of what inflated "value" the recipient may place on the donation. If you think you are... post a link to the exact language of the law permitting that. That is why the exception to the rules about only being able to claim what the charity sold the vehicle for were added - the donated item might be worth much more to the charity, as a training device for example, than it's actual street value. No, the reason that was added was to prevent people from doing what you did: taking a deduction for a specious, invented "value" that's been inflated far above the actual fair market value. Do you not think that BOCES, as a certified charity that needs to make sure they maintain that status, would have refused to agree (in writing) with the value I placed on the form if it was out of line? They may not even have had any idea what the true value was, and signed off on whatever bogus "value" you told them it had. I doubt they care enough about me to red-flag their operation by helping me cheat the IRS. Depends on how desperate they are for cars, I suppose. -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. |
#8
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Used Car Donation
DerbyDad03 wrote:
On 10 Sep, 11:25, (Doug Miller) wrote: In article om, nico wrote: Good to know!! Read it............. If you are considering donating a used car to a charity there are several things you need to know. Your donation benefits not only you Baloney. Donate a car worth, say, $1000, for a $1000 deduction from my taxable income, and get maybe $300 off my taxes. Or sell the car, and get $1000. How, exactly, am I better off by donating it? -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. The new rules for auto donations over $500 require that (in most cases) charities actually sell the vehicle (even if it's to a junk yard) and then you get to deduct whatever the charity received for the car, once they inform you - in writing - of the amount received. Gone are the days of deducting the highest book value listed for a pristine used car when the donated vehicle was a piece of junk. See http://www.irs.gov/pub/irs-pdf/p4303.pdf for more info. However, as per that document, if the charity is going to make "significant intervening use of the vehicle" then all you need is verification from the chartity that the vehicle is worth what you said it was. For example, let's say I donate a beat up, broken down vehicle to the auto repair program at a local BOCES. Regardless of the condition of the vehicle, if the school plans to use the vehicle to teach auto repair and as long as they agree (in writing) that the dollar amount that I put on the donation form is valid, I can deduct a lot more than the vehicle would be worth on the open market. Been there, done that - the actual amount that my taxes were reduced was more than I, or any charity, could have sold the vehicle for. That _isn't_ what the link above (or the actual instructions for Form 8283 which is the required substantiating IRS form for over $500 to be claimed or Pub 561) say at all. Even in the examples of "extensive intervening use", the maximum allowable deduction is FMV. There's a provision that if the charity documents they intend to make improvements to a clunker and then resell it that the FMV based on the completion of those improvements could be claimed, but still not over the "Blue Book" sale price. Nowhere is there any indication of value over FMV for a clunker even if it is to be used for educational purposes as you state other than what if might reasonably be expected to bring after sale if restored. But, even there, unless the value is under $500, on the completion of that transaction if the amount received is less, you're not entitled to more than that realized or $500, if less. So, one would conclude if a receiving organization did what you suggest, while undoubtedly not intending to help perpetrate tax fraud and endanger their 501(c)3 status, they probably did and would likely have a problem come an extensive audit... -- |
#9
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Used Car Donation
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#10
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Used Car Donation
In article om, DerbyDad03
says... On 10 Sep, 11:25, (Doug Miller) wrote: In article om, nico wrote: Good to know!! Read it............. If you are considering donating a used car to a charity there are several things you need to know. Your donation benefits not only you Baloney. Donate a car worth, say, $1000, for a $1000 deduction from my taxable income, and get maybe $300 off my taxes. Or sell the car, and get $1000. How, exactly, am I better off by donating it? -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. The new rules for auto donations over $500 require that (in most cases) charities actually sell the vehicle (even if it's to a junk yard) and then you get to deduct whatever the charity received for the car, once they inform you - in writing - of the amount received. Gone are the days of deducting the highest book value listed for a pristine used car when the donated vehicle was a piece of junk. See http://www.irs.gov/pub/irs-pdf/p4303.pdf for more info. However, as per that document, if the charity is going to make "significant intervening use of the vehicle" then all you need is verification from the chartity that the vehicle is worth what you said it was. For example, let's say I donate a beat up, broken down vehicle to the auto repair program at a local BOCES. Regardless of the condition of the vehicle, if the school plans to use the vehicle to teach auto repair and as long as they agree (in writing) that the dollar amount that I put on the donation form is valid, I can deduct a lot more than the vehicle would be worth on the open market. Been there, done that - the actual amount that my taxes were reduced was more than I, or any charity, could have sold the vehicle for. BOCES around here does a good job in educating students headed for the trades. I had thought that they would not include among their skills a penchant for fraud. Banty |
#11
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Used Car Donation
In article om, DerbyDad03
says... On 10 Sep, 13:48, (Doug Miller) wrote: In article om, DerbyDad03 wrote: On 10 Sep, 11:25, (Doug Miller) wrote: In article om, nico wrote: Good to know!! Read it............. If you are considering donating a used car to a charity there are several things you need to know. Your donation benefits not only you Baloney. Donate a car worth, say, $1000, for a $1000 deduction from my taxable income, and get maybe $300 off my taxes. Or sell the car, and get $1000. How, exactly, am I better off by donating it? -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. The new rules for auto donations over $500 require that (in most cases) charities actually sell the vehicle (even if it's to a junk yard) and then you get to deduct whatever the charity received for the car, once they inform you - in writing - of the amount received. Gone are the days of deducting the highest book value listed for a pristine used car when the donated vehicle was a piece of junk. See http://www.irs.gov/pub/irs-pdf/p4303.pdffor more info. However, as per that document, if the charity is going to make "significant intervening use of the vehicle" then all you need is verification from the chartity that the vehicle is worth what you said it was. For example, let's say I donate a beat up, broken down vehicle to the auto repair program at a local BOCES. Regardless of the condition of the vehicle, if the school plans to use the vehicle to teach auto repair and as long as they agree (in writing) that the dollar amount that I put on the donation form is valid, I can deduct a lot more than the vehicle would be worth on the open market. Not legally, you can't. Been there, done that - the actual amount that my taxes were reduced was more than I, or any charity, could have sold the vehicle for. Gee, I don't think it's really too smart to admit in a public forum to have engaged in a conspiracy to evade income taxes... -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again.- Hide quoted text - - Show quoted text - Nice try at a troll, but you won't get my anger up... First off, to be a conspiracy it must have been "an agreement by two or more persons to commit a crime, fraud, or other wrongful act." So unless the folks at BOCES and I agreed that we were trying to evade taxes, it doesn't fit the definition. Second, I did not evade income taxes, nor did I even try. Based on BOCES estimation of the value of the vehicle *to their organization* the price I put down as the "donated amount" was acceptable. They saw the vehicle, evaluated it, and agreed that the value of the *donation* I claimed was accurate. That is why the exception to the rules about only being able to claim what the charity sold the vehicle for were added - the donated item might be worth much more to the charity, as a training device for example, than it's actual street value. Do you not think that BOCES, as a certified charity that needs to make sure they maintain that status, would have refused to agree (in writing) with the value I placed on the form if it was out of line? I doubt they care enough about me to red-flag their operation by helping me cheat the IRS. What a bunch of razzle-dazzle. You're claiming that..., what now..., that, because they used the vehicle for training, it was somehow worth more than... a similar auto they could have bought from you via the local ads or from a junker? Hyelloooooh! Banty |
#12
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Used Car Donation
on 9/10/2007 4:55 PM Banty said the following:
In article om, DerbyDad03 says... On 10 Sep, 13:48, (Doug Miller) wrote: In article om, DerbyDad03 wrote: On 10 Sep, 11:25, (Doug Miller) wrote: In article om, nico wrote: Good to know!! Read it............. If you are considering donating a used car to a charity there are several things you need to know. Your donation benefits not only you Baloney. Donate a car worth, say, $1000, for a $1000 deduction from my taxable income, and get maybe $300 off my taxes. Or sell the car, and get $1000. How, exactly, am I better off by donating it? -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. The new rules for auto donations over $500 require that (in most cases) charities actually sell the vehicle (even if it's to a junk yard) and then you get to deduct whatever the charity received for the car, once they inform you - in writing - of the amount received. Gone are the days of deducting the highest book value listed for a pristine used car when the donated vehicle was a piece of junk. See http://www.irs.gov/pub/irs-pdf/p4303.pdffor more info. However, as per that document, if the charity is going to make "significant intervening use of the vehicle" then all you need is verification from the chartity that the vehicle is worth what you said it was. For example, let's say I donate a beat up, broken down vehicle to the auto repair program at a local BOCES. Regardless of the condition of the vehicle, if the school plans to use the vehicle to teach auto repair and as long as they agree (in writing) that the dollar amount that I put on the donation form is valid, I can deduct a lot more than the vehicle would be worth on the open market. Not legally, you can't. Been there, done that - the actual amount that my taxes were reduced was more than I, or any charity, could have sold the vehicle for. Gee, I don't think it's really too smart to admit in a public forum to have engaged in a conspiracy to evade income taxes... -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again.- Hide quoted text - - Show quoted text - Nice try at a troll, but you won't get my anger up... First off, to be a conspiracy it must have been "an agreement by two or more persons to commit a crime, fraud, or other wrongful act." So unless the folks at BOCES and I agreed that we were trying to evade taxes, it doesn't fit the definition. Second, I did not evade income taxes, nor did I even try. Based on BOCES estimation of the value of the vehicle *to their organization* the price I put down as the "donated amount" was acceptable. They saw the vehicle, evaluated it, and agreed that the value of the *donation* I claimed was accurate. That is why the exception to the rules about only being able to claim what the charity sold the vehicle for were added - the donated item might be worth much more to the charity, as a training device for example, than it's actual street value. Do you not think that BOCES, as a certified charity that needs to make sure they maintain that status, would have refused to agree (in writing) with the value I placed on the form if it was out of line? I doubt they care enough about me to red-flag their operation by helping me cheat the IRS. What a bunch of razzle-dazzle. You're claiming that..., what now..., that, because they used the vehicle for training, it was somehow worth more than... a similar auto they could have bought from you via the local ads or from a junker? Hyelloooooh! Banty A lot of the cars they rebuild, they sell. Around my area the local Boces has carpentry as a trade. They have built houses around the county that Boces sell. All the money goes to Boces -- Bill In Hamptonburgh, NY To email, remove the double zeroes after @ |
#13
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Used Car Donation
willshak wrote:
on 9/10/2007 4:55 PM Banty said the following: In article om, .... You're claiming that..., what now..., that, because they used the vehicle for training, it was somehow worth more than... a similar auto they could have bought from you via the local ads or from a junker? Hyelloooooh! .... A lot of the cars they rebuild, they sell. .... The IRS rules seem pretty clear that they would have to document up front the intent to and extent of such work and still only be allowed FMV for the vehicle as a deduction after such repair/rebuilding was completed, and if subsequently sold for less, only that actual returned value would be eligible deduction. Nothing indicates any ancillary value of the inherent value of the training derived from this exercise or somesuch additional value ascribed would be allowable. Documentation is now pretty onerous for a defense against being accused of such shenanigans, too, so would think it fairly impractical to engage in such a practice in large scale... -- |
#14
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Used Car Donation
Kurt Ullman wrote:
In article , (Doug Miller) wrote: Gee, I don't think it's really too smart to admit in a public forum to have engaged in a conspiracy to evade income taxes... Depends on the timing. Up until maybe 3-4 years ago you could take the value based on Blue book or Edmunds or similar with little need to back up your decision (really my 10 year old Explorer with 300,000 miles was in cherry condition, honest). Over the last few years, the IRS caught on the con and made it harder to play games with what the car is worth. Last car, I tried to give away a few years ago, nobody wanted. Had to pay to have it towed to junk yard for them to take even though it was drivable. Now charities begging for cars. Suspect IRS ruling, not as favorable to donor, may have dried up donations. Charities can also be a PITA. Goodwill refused kids sleds because they were out of season. Would not take a 15 speed bike in perfect condition because there was no room in their shed. Nobody would take an old computer in perfect condition because it was not a pentium. A color TV, also in perfect condition, was refused because it was old. |
#15
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Used Car Donation
On Sep 10, 2:55 pm, (Doug Miller) wrote:
In article om, DerbyDad03 wrote: First off, to be a conspiracy it must have been "an agreement by two or more persons to commit a crime, fraud, or other wrongful act." Well, let's see. You and the charity agreed on an artificially inflated value of the car you donated, in order for you to claim a tax deduction larger than what you're entitled to. That fits. So unless the folks at BOCES and I agreed that we were trying to evade taxes, it doesn't fit the definition. Yeah, right. I imagine the IRS will view that a bit differently, should you ever be audited. Second, I did not evade income taxes, nor did I even try. You did, and you did -- by claiming a deduction that exceeded the fair market value of the donation. Based on BOCES estimation of the value of the vehicle *to their organization* the price I put down as the "donated amount" was acceptable. They saw the vehicle, evaluated it, and agreed that the value of the *donation* I claimed was accurate. Doesn't matter. You're not entitled to claim a deduction for more than the fair market value, regardless of what inflated "value" the recipient may place on the donation. If you think you are... post a link to the exact language of the law permitting that. That is why the exception to the rules about only being able to claim what the charity sold the vehicle for were added - the donated item might be worth much more to the charity, as a training device for example, than it's actual street value. No, the reason that was added was to prevent people from doing what you did: taking a deduction for a specious, invented "value" that's been inflated far above the actual fair market value. Do you not think that BOCES, as a certified charity that needs to make sure they maintain that status, would have refused to agree (in writing) with the value I placed on the form if it was out of line? They may not even have had any idea what the true value was, and signed off on whatever bogus "value" you told them it had. I doubt they care enough about me to red-flag their operation by helping me cheat the IRS. Depends on how desperate they are for cars, I suppose. -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. I cry UNCLE! |
#16
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Used Car Donation
In article , Frank frankdotlogullo@comcastperiodnet wrote:
Charities can also be a PITA. Goodwill refused kids sleds because they were out of season. Would not take a 15 speed bike in perfect condition because there was no room in their shed. Nobody would take an old computer in perfect condition because it was not a pentium. A color TV, also in perfect condition, was refused because it was old. Try a local homeless shelter, or battered women's shelter. Or check out freecycle.org . -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. |
#17
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Used Car Donation
DerbyDad03 wrote:
....snip tale and controversy over allowable charitable deduction over FMV... I cry UNCLE! -- |
#18
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Used Car Donation
Frank wrote:
Kurt Ullman wrote: .... Last car, I tried to give away a few years ago, nobody wanted. ... Now charities begging for cars. Suspect IRS ruling, not as favorable to donor, may have dried up donations. Charities can also be a PITA. Goodwill refused kids sleds because they were out of season. Would not take a 15 speed bike in perfect condition because there was no room in their shed. .... Goodwill and SA both closed their facilities here because couldn't get rid of enough stuff to keep from simply overwhelming their facilities nor collect enough in revenues to pay the light bill. That despite being in a town of transient labor... -- |
#19
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Used Car Donation
"nico" wrote in message ps.com... Good to know!! Read it............. If you are considering donating a used car to a charity there are several things you need to know. Your donation benefits not only you but also recipient of your donation. Of course, who your recipient is and how they will use your used car varies from donation to donation. read more he Autos News http://www.zone-car.com I can not recall the exact number right now, but there is a form that ANYONE can request from ANY charity that specifies the exact percentage that actually reaches the "clients" of that charity. Anyone who won't give you that information deserves a pass on the donation. Sometimes, they say, I'm sorry, but I'm not allowed to give out that information. Funny. By law, you're SUPPOSED to provide it on request. I have been involved in many charitable groups, most notably City of Hope. Some of the others were absolute scams, using fund raising events for a bunch of fat cats to play a day of golf, shmooze, network, and get $500 worth of golf equipment for their "donation". A typical day would bring in $100k with about $35k going to the actual charitable organization. Then they would get up there, all half drunk or fully drunk, and backslap each other and tell all what a wonderful thing they had done. Hell, if you're so generous, just give them the entry fee, and don't get the golf, the goodies, and a catered dinner as payback. Give the whole $100k instead of $35 after the bacchanalian bash. Charitable organizations enjoy the 501 C3 IRS exemptions far far too much. Topheavy management with overpaid staffers plus benefits riding in limos or otherwise living damn good for someone one who is collecting money to feed homeless hungry people with no benefits or insurance. I'd just as soon give the guy on the street $5 as give it to a charity and know that the end user is lucky to get a dollar. As for the car, sell it, and go buy some blankets or coats and pass them out on a cold winter's evening. That is what REAL charity is all about. Steve |
#20
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Used Car Donation
"Frank" frankdotlogullo@comcastperiodnet wrote Charities can also be a PITA. Goodwill refused kids sleds because they were out of season. Would not take a 15 speed bike in perfect condition because there was no room in their shed. Nobody would take an old computer in perfect condition because it was not a pentium. A color TV, also in perfect condition, was refused because it was old. Local lady was fired as director of Salvation Army Thrift Store because she culled everything that came in. Lots of nice stuff went to her house, other nice "stuff" went to her garage, then to ebay. Quite an embarrassing situation and brouhaha before it ended. Served the old bucket of guts right. Steve |
#21
Posted to alt.home.repair
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Used Car Donation
In article , Frank says...
Kurt Ullman wrote: In article , (Doug Miller) wrote: Gee, I don't think it's really too smart to admit in a public forum to have engaged in a conspiracy to evade income taxes... Depends on the timing. Up until maybe 3-4 years ago you could take the value based on Blue book or Edmunds or similar with little need to back up your decision (really my 10 year old Explorer with 300,000 miles was in cherry condition, honest). Over the last few years, the IRS caught on the con and made it harder to play games with what the car is worth. Last car, I tried to give away a few years ago, nobody wanted. Had to pay to have it towed to junk yard for them to take even though it was drivable. Now charities begging for cars. Suspect IRS ruling, not as favorable to donor, may have dried up donations. Charities can also be a PITA. Goodwill refused kids sleds because they were out of season. Would not take a 15 speed bike in perfect condition because there was no room in their shed. Nobody would take an old computer in perfect condition because it was not a pentium. A color TV, also in perfect condition, was refused because it was old. Then Freecycle these things. A good way to give away stuff the charities can't handle at the moment (like the old fridge they would take, but I would have had to deliver; Freecycle found someone to pick up). Sometimes you can an education as to why some things can't be given away for free, trying to Freecycle them (like my broken lamp table...) http://www.freecycle.org/ Banty |
#22
Posted to alt.home.repair
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Used Car Donation
In article , willshak says...
on 9/10/2007 4:55 PM Banty said the following: In article om, DerbyDad03 says... On 10 Sep, 13:48, (Doug Miller) wrote: In article om, DerbyDad03 wrote: On 10 Sep, 11:25, (Doug Miller) wrote: In article om, nico wrote: Good to know!! Read it............. If you are considering donating a used car to a charity there are several things you need to know. Your donation benefits not only you Baloney. Donate a car worth, say, $1000, for a $1000 deduction from my taxable income, and get maybe $300 off my taxes. Or sell the car, and get $1000. How, exactly, am I better off by donating it? -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again. The new rules for auto donations over $500 require that (in most cases) charities actually sell the vehicle (even if it's to a junk yard) and then you get to deduct whatever the charity received for the car, once they inform you - in writing - of the amount received. Gone are the days of deducting the highest book value listed for a pristine used car when the donated vehicle was a piece of junk. See http://www.irs.gov/pub/irs-pdf/p4303.pdffor more info. However, as per that document, if the charity is going to make "significant intervening use of the vehicle" then all you need is verification from the chartity that the vehicle is worth what you said it was. For example, let's say I donate a beat up, broken down vehicle to the auto repair program at a local BOCES. Regardless of the condition of the vehicle, if the school plans to use the vehicle to teach auto repair and as long as they agree (in writing) that the dollar amount that I put on the donation form is valid, I can deduct a lot more than the vehicle would be worth on the open market. Not legally, you can't. Been there, done that - the actual amount that my taxes were reduced was more than I, or any charity, could have sold the vehicle for. Gee, I don't think it's really too smart to admit in a public forum to have engaged in a conspiracy to evade income taxes... -- Regards, Doug Miller (alphageek at milmac dot com) It's time to throw all their damned tea in the harbor again.- Hide quoted text - - Show quoted text - Nice try at a troll, but you won't get my anger up... First off, to be a conspiracy it must have been "an agreement by two or more persons to commit a crime, fraud, or other wrongful act." So unless the folks at BOCES and I agreed that we were trying to evade taxes, it doesn't fit the definition. Second, I did not evade income taxes, nor did I even try. Based on BOCES estimation of the value of the vehicle *to their organization* the price I put down as the "donated amount" was acceptable. They saw the vehicle, evaluated it, and agreed that the value of the *donation* I claimed was accurate. That is why the exception to the rules about only being able to claim what the charity sold the vehicle for were added - the donated item might be worth much more to the charity, as a training device for example, than it's actual street value. Do you not think that BOCES, as a certified charity that needs to make sure they maintain that status, would have refused to agree (in writing) with the value I placed on the form if it was out of line? I doubt they care enough about me to red-flag their operation by helping me cheat the IRS. What a bunch of razzle-dazzle. You're claiming that..., what now..., that, because they used the vehicle for training, it was somehow worth more than... a similar auto they could have bought from you via the local ads or from a junker? Hyelloooooh! Banty A lot of the cars they rebuild, they sell. Around my area the local Boces has carpentry as a trade. They have built houses around the county that Boces sell. All the money goes to Boces So what. That's their labor in it that they're getting from resale - *over* the value that they got from the donator. What they got from the donator, they are saved only the free market value of the car - that they otherwise would have needed to go to a used car source or a junker. That's IT. Fair market value. OF the vehicle how it was when you gave it to charity. You don't get to deduct as part of your charitable contribution, their labor after you contributed. That's really nuts. Banty (where do people GET these ideas?? No wonder the IRS cracked down on that.) |
#23
Posted to alt.home.repair
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Used Car Donation
Banty wrote:
Then Freecycle these things. A good way to give away stuff the charities can't handle at the moment (like the old fridge they would take, but I would have had to deliver; Freecycle found someone to pick up). Sometimes you can an education as to why some things can't be given away for free, trying to Freecycle them (like my broken lamp table...) http://www.freecycle.org/ Banty Stuff I just want to get rid of. Retired, without a mortgage, tax deductions do not meet standard deduction. Sadly, garbage men do not refuse items. They got the sleds and TV. Talked kid into taking his old bike home to ride around his new neighborhood. Put free PC notice at supermarket and it ended up with handicapped girl which made me happy. Frank |
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