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Reply to "Should I sell my car, or donate it? Was would make more financial sense?"
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[quote=Anonymous][quote=Anonymous]I have a 2001 Toyota with 137,000 miles on it. It's totally reliable and runs great. In fact, it's never been in the shop for anything other than maintenance or body work. It has a lot of cosmetic problems. Dents, dings, a bumber that is held on with that adhesive foam stuff, and....a couple bullet holes (they are filled with bondo, so they don't leak or anything). My husband wants to put it on Craigslist and try to get $1,500 for it. Has anyone donated a car? I don't really know how donating a car works. Would it be a better financial decision to donate the car for the tax deduction?[/quote] Assuming you could claim a $1,500 deduction, the actual tax savings to you would be about $375. You itemizing deductions, right? If not, it's worth nothing to you for tax purposes.[/quote]
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