Anyone donated a truck?

[twouvakind]

Looking to unload my 72 C-10 and get the best return on it(and help others). Any donors here with a success story?

[truckster]

If you're looking for the best return, it's not going to be by donating it. IRS rules say you can only claim the fair market value for the condition the vehicle is in. That's particularly a problem if it's not running, as the IRS considers non-running vehicles as worth next to nothing.

If you want the best return, you're going to have to sell it. If you donate it, you can claim it as an itemized deduction, but how much that's worth to you depends on your tax bracket. Let's say your truck has a fair market value of $1000. If you sell it, you might pocket $800 or $900. If you donate it, you can claim a $1000 deduction on your taxes - if you're in a 25% tax bracket, that's worth $250 to you.

[cypressbog]

I donated a 5th wheel RV to Rawhide Boy’s Ranch 2 years ago. Rawhide is a place for troubled boys that’s here in WI. They even picked it up. I used NADA as a guide to write off the donation. IRS rules, If the value is greater than $5,500, a professional appraisal must be done.

[twouvakind]

Thanks fellas, NADA low retail is 10k. Mine is a driver. I posted it on BITOG. May post it here before I decide. A worthy project for a capable person.

[harpo231]

The IRS allows you to claim a deduction for the donations you make to qualified organizations. These organizations include more than just charities and will include any school district program that does not operate for profit and is solely supported by state and local governments.


Donate to auto shop, get the kids involved

[twouvakind]

501-C3 to start, yeah.

[harpo231]

Exactly !

[twouvakind]

Liking this system of donation:

https://www.vehiclesforcharity.org/

The g-men have this to say about vehicle donation:

https://www.irs.gov/pub/irs-pdf/p4303.pdf