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Money and Finances
Reply to "Car donation and tax credit question"
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[quote=Anonymous]It probably would reduce your taxes, if you currently itemize deductions, but it's not a dollar for dollar reduction. If you pay 20% marginal income tax rate, then you would get $1 off your taxes for every $5 you donate. If you take the standard deduction normally, then it might or might not reduce your taxes.[/quote]
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