[Shotimes] Giving away a car

[Zach Leahy]

Come on joe, give em the PFH, I would much rather see them have it
that to see it on *shudder* ebay.  Makes me sad seeeing my work being
ebay'd.  Dunno why, but it does.

Z

On 5/1/05, Ron Porter <ronporter@prodigy.net> wrote:
> Yeah, I don't see a way to do that. A '94 CV is probably only worth a couple
> of grand anyway, so at the 25% tax bracket, that's $500. If your tax bracket
> is lower, the deduction is worth less.
> 
> Plus, if they receive the car from a charity (which gives Joe no deduction,
> do to a zero sale price), don't they have to pay taxes on the value of the
> gift received? Dunno, just asking.
> 
> Joe, it might be easier to just sell them the car for $500-750 and take
> small monthly payments from them to pay it off.
> 
> Ron Porter
> 
> -----Original Message-----
> From: shotimes-admin@autox.team.net [mailto:shotimes-admin@autox.team.net]
> On Behalf Of Paul L Fisher
> Sent: Sunday, May 01, 2005 4:33 PM
> To: 'van Oss'; shotimes@autox.team.net
> Subject: RE: [Shotimes] Giving away a car
> 
> 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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