Go to Jeff Salisbury LWGate Home Page.From: Klein Steven <SKLEIN@snm.org>
Subject: auto donation
Date: Mon, 15 Mar 1999 11:12:17 -0500
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I will be buying a new car shortly. I want to donate my old clunker to charity.,Will my income be reduced by the amount of the blue book value? or will my actually taxes owed be less the blue book value? In other words, Lets say the car is worth $1000 and I make $50000 a year in salary. Will I pay taxes on $49000 (50k - 1k) or will I pay taxes on 50k then have apply a tax credit of 1k? I hope this makes sense. SK - -
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