Vehicle Donation in California...how much is it worth?
Hi There, I donated a pick-up in 2007 that sold thru a charity for $875.00. Roughly, does anyone know how much I could receive on my taxes for this donation? Thanks a bunch!
- 1 decade agoFavorite Answer
HERE IS A LINK TO AN ONLINE EASY TO DO CALCULATOR TO DETERMINE YOUR SAVINGS FOR A DONATED VEHICLE.
Simply enter the amount you'd like to give and your federal tax bracket (see chart). The calculator will display the net cost of the donation and the tax savings. You may be surprised to learn that you can afford to be even more generous than you thought.
- JudyLv 71 decade ago
If you are already itemizing without that donation, then it's worth $875 times your tax bracket - if you are in a 15% tax bracket it would lower your tax by $131. If you aren't already itemizing, it would be less than that, and if you don't have enough to itemize even with the donation, then it doesn't give you any tax benefit.