Donate a car

843 Views | 4 Replies | Last: 5 yr ago by 91AggieLawyer
04texag
How long do you want to ignore this user?
AG
My wife and I are donating an older car of ours to a pastor at our church who had his car stolen.

I have been trying to get information on the process but most of what I see pertains to either giving to a family member or donating to a charity. What's the best way for us to do this?

It's not as important but would be nice to get some tax savings from the process.
n_touch
How long do you want to ignore this user?
For tax purposes I would guess you have to donate the car to the church itself and not the pastor. Not sure you can get a tax write off for donating to a person.
Mookie
How long do you want to ignore this user?
AG
Has to be given to a 501c3!or some such, can't donate to a person and get a tax deduction.

And remember it's going to reduce your taxable income by the wholesale book value at your effective tax rate. So if you donate a $3000 car to the church and youre in the 30% bracket you will get a whole $900 of savings.
UmustBKidding
How long do you want to ignore this user?
And you can't earmark it and have it be deductible. Donate to church, and they could give it to the pastor or anything else they want to do with it.
04texag
How long do you want to ignore this user?
AG
Many thanks for all the answers here. From the reading online I had done, I pretty much came to this conclusion, but I figured I'd ask.

I might go the route of donating it to the church, but it's probably not a huge savings.
91AggieLawyer
How long do you want to ignore this user?
AG
The chuch is a 501c3 by definition. Many churches own the vehicles the pastor drives. This shouldn't be an issue and also gets him out of paying sales tax. They'll simply hand over title to the pastor when he leaves. But for now they can insure it in leiu of a car allowance.
Refresh
Page 1 of 1
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.