Home  Finance Articles  Discussion  Our Blog / Member Blogs           
SavingAdvice.com Logo Gasoline Credit Cards
Teaching you to Save Money

Go Back   Personal Finance Forums > Financial Chit Chat > Personal Finance News, Articles & Blog Posts

Personal Finance News, Articles & Blog Posts Come across personal finance news, articles or blog posts that you really liked and want to share? Place them here.

Reply
 
LinkBack Thread Tools
  #1 (permalink)  
Old 12-27-2004, 07:00 AM
jeffrey's Avatar
jeffrey jeffrey is offline
Administrator
 
Join Date: Apr 2004
Posts: 4,123
Last Blog Entry: Use Forum Points to Earn Prizes
Points: 372759.80
Donate
Default Charities See Increase In Car Donations

With the new tax code change that changes the amount of money that can be deducted on federal taxes when donating a car to a charity, charities across the US are seeing a slight increase in the number of vehicles being donated. The charities aren't sure if it is the giving spirit or the tax change that is causing this effect.

Starting January 1 when the new tax law takes effect, you can no longer deduct the "fair market value" of a car donated to a charity on your itemized taxes if that car is sold by the charity to raise money. Instead, the amount that can be deducted will be the amount the car actually sells for which is usually well under the "fair market value."




While many charities believe that the new law will dry up an important fund raising source believing people will be less willing to donate when the tax deductions are far less, there are a few who think donations will actually increase. They reason that tall the publicity will help spread the word to people who never thought of donating a car to charity before and thus increasing overall car donations.
Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

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

vB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Bulk Free Click Donations jeffrey Charity 8 08-09-2008 05:32 AM
charitable donations for 2007 crabbypatty Personal Finance 9 02-27-2007 06:50 AM
charities tabbycat31 General Discussion 8 12-14-2006 08:14 PM
Holiday Donations nanamom General Discussion 10 11-06-2006 12:11 PM
Seeking Charities To Sponsor jeffrey General Discussion 7 08-23-2006 01:59 PM


All times are GMT -7. The time now is 02:02 AM.


Powered by vBulletin® Version 3.6.4
Copyright ©2000 - 2008, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.0.0 RC6 © 2006, Crawlability, Inc.
More Links Home Loan | Debt Consolidation Loans | Refinance Home Mortgage | Finance Options

About Us | Advertising | Privacy Policy | Link To Us | Related Resources | Webmasters | Media | Site Map | Contact Us

Copyright ©2002-2008 SavingAdvice.com. All rights reserved.

Please read our Disclaimer

 

Featured Sponsors
IVA uk definitive guide
Bad Credit Loans
IVA Forum
IVA Book
So what is an IVA?
Private Student Loans
Online Shopping
Dell Coupons
Credit Cards
Payday Loans
moving
Student Loans
Financial News
Online IVA guide
Cash Loans
Credit Card Processing
Back to School
Payday Cash Advance Loans
Debt Consolidation Loan
Apply Now for Personal Loans IVA Advice


Partners
Budget Stretcher
DivaTribe
Thrifty Fun
Money Talk
Online Personal Budgeting
Budget Dial