New home for the blazer, and a tax FYI

Discussion in 'The Lounge' started by 4by4bygod, Jul 18, 2005.

  1. 4by4bygod

    4by4bygod 1/2 ton status

    Nov 13, 2003
    Likes Received:
    With My Tinfoil Hat
    Well, I got sick of trying to sell it, so I donated my 87 to a family camp operated by our church's denomination. They've got a lot of land to take care of, so they're going to put a plow on it, and use it to haul around landscape equipment, and whatever else.

    The director told me that most donated vehicles and equipment they get are beyond "being on their last legs", so he was doing the happy puppy dance when I gave him the keys and title. With all the money I've thrown at it, they'll have it a good long time. I'm just happy it's going where it's appreciated. I drove the wheels off the thing, and now it can be a blessing to someone else.

    I discovered that if you donate a vehicle directly to a charity, you can deduct the full stated value if the charity either uses or improves said vehicle. (of course, you may have to prove the vehicle is worth what you say it is.) In return, you get a form from the charity detailing the transaction, that you give to your accountant.

    It's only if you give it to a third party middleman do you have to wait until the vehicle is auctioned off and the proceeds given to the charity, before you can write it off for the amount it's auctioned for. ( not blue book value, unless it goes for that amount.) This is the new law pertaining to donated vehicles that has pretty much dried up vehicle donatins as a revenue source for charities.

    The other thing you can do is let's say you have an old truck you want to give to a friend who is down on his luck... you can title it to him as a gift, then write off the stated value as a miscellaneous deduction ( not a charitable deduction). You have a limit of 2,000 dollars for this deduction, and technically no receipt is needed, although I'd have a copy of the title and some pictures just to be safe.

    I did this with my 84 K5 - I gave it to a friend who needed a vehicle, and he drove it for awhile, and when times got better for him, he gave the truck to his young cousin, who needed a vehicle.. the kid basically restored the thing at his vocational tech school where it became sort of a class project. Having the truck to work on kept him out of the bars and out of trouble, and he loves the thing.

    Anyway, I just wanted to share how a couple of our old beasts are out there saving the world, and I also wanted to let everyone know to not overlook the option of donating a vehicle you might be having a hard time selling.

  2. steve_kibbe

    steve_kibbe 1/2 ton status

    Feb 4, 2004
    Likes Received:
    Spartanburg, SC
    great job. My inlaws had some old cars and they donated them and they got a heck of a write off. Great option is selling luck is bad.

Share This Page