Welcome to the North American Subaru Impreza Owners Club Wednesday November 26, 2014
Home Forums WikiNASIOC Products Store Modifications Upgrade Garage
NASIOC
Here you can view your subscribed threads, work with private messages and edit your profile and preferences Home Registration is free! Visit the NASIOC Store NASIOC Rules Search Find other members Frequently Asked Questions Calendar Archive NASIOC Upgrade Garage Logout
Go Back   NASIOC > NASIOC Miscellaneous > Off-Topic

Welcome to NASIOC - The world's largest online community for Subaru enthusiasts!
Welcome to the NASIOC.com Subaru forum.

You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, free of charge, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join our community today!

If you have any problems with the registration process or your account login, please contact us.
* Registered users of the site do not see these ads.
Reply
 
Thread Tools Display Modes
Old 12-17-2003, 06:42 PM   #1
Space Boy Matt
Scooby Newbie
 
Member#: 23783
Join Date: Aug 2002
Location: San Jose, Ca
Vehicle:
2004 STI

Question How much extra will I get on my tax return if I donate a car?

Hi,

I'm thinking about donating my secondary car to charity.

They offered me $5k in tax benefits. (They offer high bluebook value on their donations.)

My question is how much would I actually see as cash on my tax return?

Has anyone out there done this too? Or know the tax law on the subject?

Thanks in advance!
* Registered users of the site do not see these ads.
Space Boy Matt is offline   Reply With Quote
Old 12-17-2003, 06:45 PM   #2
2Point5RS
Scooby Specialist
 
Member#: 3639
Join Date: Jan 2001
Chapter/Region: TXIC
Location: Bedford, TX
Default

They just deduct 5K of your taxable wages.

Say you make 50K and you donate a 5K car.
That makes your taxable wages 45k.

I think this is how it works.
2Point5RS is offline   Reply With Quote
Old 12-17-2003, 06:49 PM   #3
trhoppe
Scooby Guru
 
Member#: 7492
Join Date: Jun 2001
Chapter/Region: South East
Location: Hotlanta, GA
Vehicle:
No race cars
www.tomhoppe.com

Default

Quote:
Originally posted by 2Point5RS
They just deduct 5K of your taxable wages.

Say you make 50K and you donate a 5K car.
That makes your taxable wages 45k.

I think this is how it works.
Exactly. So depending on your income and tax bracket you might see 25-40% of that value...

-Tom
trhoppe is offline   Reply With Quote
Old 12-17-2003, 06:50 PM   #4
obyone
Scooby Specialist
 
Member#: 16523
Join Date: Mar 2002
Chapter/Region: MWSOC
Location: Does anyone even read
Vehicle:
this anymore???

Default

Quote:
Originally posted by 2Point5RS
They just deduct 5K of your taxable wages.

Say you make 50K and you donate a 5K car.
That makes your taxable wages 45k.

I think this is how it works.

Don't they deduct the value of the donation from the tax withheld?
obyone is online now   Reply With Quote
Old 12-17-2003, 06:53 PM   #5
Eric SS
Sooby Guru
 
Member#: 1914
Join Date: Jul 2000
Chapter/Region: SWIC
Location: 2013 335i, 2011 G37 coupe
Vehicle:
2000 2.5RS w/ EJ22T
swap and N20. gone. : (

Default

It is a writeoff just like any other writeoff.

It's not a tax credit.
Eric SS is offline   Reply With Quote
Old 12-17-2003, 07:02 PM   #6
highspeed11
Scooby Newbie
 
Member#: 30937
Join Date: Dec 2002
Chapter/Region: BAIC
Location: Livermore, Ca
Vehicle:
2005 Legacy GT
GRP

Default

How does a writeoff work?

<---always uses the 1040ez.
highspeed11 is offline   Reply With Quote
Old 12-17-2003, 07:05 PM   #7
Eric SS
Sooby Guru
 
Member#: 1914
Join Date: Jul 2000
Chapter/Region: SWIC
Location: 2013 335i, 2011 G37 coupe
Vehicle:
2000 2.5RS w/ EJ22T
swap and N20. gone. : (

Default

Quote:
Originally posted by highspeed11
How does a writeoff work?

<---always uses the 1040ez.
Basically you get to subtract the amount you write off from your net income.

So, if you make $25,000 per year and you donate say $1,000 to a charity, you get to claim your income as $24,000 instead.

SOmeone already mentioned higher up how it works.
Eric SS is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
How much wHP will I get? Nando-san Impreza General Community 4 05-04-2010 06:50 PM
HELP how much $ will i spend taking my car to dealership ben c Factory 2.0L Turbo Powertrain (EJ Series Factory 2.0L Turbo) 2 03-18-2009 03:43 PM
How much improvement will I get if I get a downpipe? chris747 Factory 2.5L Turbo Powertrain (EJ Series Factory 2.5L Turbo) 5 03-11-2009 05:18 AM
How much whp will $2500 get you... T.C Normally Aspirated Powertrain 17 11-28-2005 10:41 PM
How much power will i get? madhandlz30 Factory 2.0L Turbo Powertrain (EJ Series Factory 2.0L Turbo) 16 01-14-2005 09:04 PM


All times are GMT -4. The time now is 10:20 PM.


Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Powered by Searchlight © 2014 Axivo Inc.
Copyright ©1999 - 2014, North American Subaru Impreza Owners Club, Inc.