Feb 04
2010
Donating An Old Car May Not Be Tax Deductible
Filed Under (Investor News) by Admin on 04-02-2010
[This post is written and copyrighted by FIRE Finance (http://firefinance.blogspot.com).]
Feb 04, 2010: For many of us, our cars are prized possessions. As all good things come to an end, so does a car. Maybe it is time to get a bigger or better car for the family. Perhaps it has run a good 150k miles.
Whatever be the reason a day might come when we have to part with our dear automobile. If it has a good resale value selling it to a private party or a dealer is an option. However we do have another choice - donating it to a charity for a good cause. Even if the car is not in a proper running condition, we can still donate it. In most cases such a donation does have a benefit in the form of a tax deduction. However, there are few things to watch out:
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