wfooshee
O, Woe is me!!
Dayum. Guess I'll have to stick with my own 2003!
That was my thinking too so I bought a new one. The 2003 sure didn't owe me anything.The question is do you need the money? It might go another 80,000 miles or may blow up tomorrow.
I'm from Canada but I expect the same or similar rules to ours apply in the States. That is, the tax receipt would be provided based on the fair market value of the property donated. In my case, the old FJR is worth about $2,000. It will be up the the Barber Museum to provide a value and the receipt. A donation in kind ( ie, a non-cash donation) can be an issue as the value can be very subjective. The donor wants a high value but the recipient / receipt issuer, has to be careful because if they sign off on too high of a value, their tax authorities can, and often will, creates major problems for them. There have been no end of tax scam relating to donated property. And, if I recall my old tax training, a Canadian may claim a receipt to a U.S. charity but it can only be applied against U.S. income.I seem to remember if you donate a vehicle to a charity you can take a tax deduction equal to the new price of said vehicle. But that just might get you audited...
With the new tax laws in effect for 2018 (standard deduction doubled), most people won't be able to itemize their deductions so no point in even getting a receipt for the donated bike.I seem to remember if you donate a vehicle to a charity you can take a tax deduction equal to the new price of said vehicle. But that just might get you audited...
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