[Shotimes] Giving away a car

[Paul L Fisher]

The tax law changed this year. It used to be that you could write off the
value of the car when you gave it to charity. There were enough people that
would donate high mileage, non-running POS's to charities and write off full
blue book retail that now the charity has to tell you how much they got for
it and that is all you can write off.

In addition, you would have to find a charity that would accept your car and
then be willing to give it to your sister in law.


Paul L Fisher

Visit my website: http://www.paul-fisher.com
SHOClub Member: http://www.shoclub.com
Amsoil dealer: http://www.paul-fisher.com/oil


-----Original Message-----
From: shotimes-admin@autox.team.net [mailto:shotimes-admin@autox.team.net]
On Behalf Of van Oss
Sent: Sunday, May 01, 2005 11:16 AM
To: shotimes@autox.team.net
Subject: [Shotimes] Giving away a car

I think I need some tax advice.  Any lawyers or accountants on the list?

Some of you may remember that I have a sister- and brother-in-law (Jean and 
Don) who are struggling with low-paying jobs with no benefits, poor health, 
and twin sons who are moving from Asperger's Syndrome into more serious 
levels of autism.  My wife and I are teachers who make little, so we haven't

been able to help outright with cash.  But in my own way I've been trying to

help by helping them with cars.  Otherwise they'd be driving an early Grand 
Am with no brakes and a hole in the fuel tank.  These are good people who 
get a lot of help (such as respite care) from friends and fellow 
parishioners, but they're automotively challenged.

Rather than fixing the Grand Am (and a mopar wagon that....  well, let's not

go there), my aim has been to move them into cars I can service.  Last year,

you may recall, we fixed up a Taurus LX wagon.  That car has no AC system, 
and Jean and the boys have asthma and allergies, so Don is now driving that 
wagon.

We have a third car that I am considering giving to my sister-in-law Jean. 
It's a 1994 Crown Vic LX that is very reliable and has R134a AC that I can 
service myself.

If I simply hand her the keys & title, we get no income-tax deduction.  I am

wondering if there is any way that we could structure this so that Jean gets

the car and we can manage to deduct its value on our taxes.  (Things are so 
tight for us that we can't afford not to ask about this.)  I know the IRS 
has been clamping down on valuations of cars donated to charity.  I'm not 
asking about overstating the value, but being able to deduct any value at 
all.  Maybe if we donated the car to a charity, and they in turn ceded the 
car to Jean?

Any ideas welcome.  Thanks for your attention.

VO 
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