What is the best tax deduction for donating a car?

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asked Oct 3, 2019 in Buying & Selling by VenimDeni (320 points)
What is the best tax deduction for donating a car?

1 Answer

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answered Oct 3, 2019 by Grahlu (51,270 points)
The amount of money you can deduct from your taxes for donating a car depends on the value of the car you donated to charity.

You can deduct the amount that the car is worth or sold for from your taxes.

For example if you donated your car and it was worth $500.00 then you can deduct $500.00 on your income taxes.

The charity should give you a tax form to fill out when you donate your car and they can let you know what the donated car is worth to them.

Then you can deduct that amount from your taxes.

Between $350.00 to $500.00 is a pretty good tax deduction when donating a car to charity.

The car donation charity should report the sales price to you on the Form 1098-C.

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