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FFC
08-15-2008, 05:19 PM
So I donated my car for a tax writeoff. I'm wondering how this works. I know that if I owed $1000 in taxes, and I donated my car and got a $600 receipt, then I'd owe $400 in taxes.

But my question is, what if I have money coming back, rather than me owing money? Does the $600 writeoff get applied to what I get paid?
mtigercat
08-15-2008, 05:23 PM
you will have to be able to itemize your deductions in order to claim the deduction. I have over 7yrs experience in doing taxes. It counts as a charitable deduction which you must be able to fill out schedule A and itemize your deductions in order to be able to claim it. if you have any other questions ask!!
FFC
08-15-2008, 05:24 PM
Thank you.

So, itemizing is a matter of a form.... how does the money part work?? What are the requirements to itemize my deductions? So far, the donation, alimony and rent are deductible.....
mtigercat
08-15-2008, 05:29 PM
to itemize you have to have more in deductions that your standard deduction. deductible things such as work expenses, mortgage interest, real estate taxes, some medical expenses, state and local taxes you pay in on your paycheck or that you owed from a previous year, charitible deductions. i think last year the standard deduction for a married couple was $10500 so you would have to have at least that much. alimony and rent (how is your rent deductible?) are not on itemized deductions so they would not count toward this amount.
EarlyBird
08-15-2008, 05:41 PM
last year i was getting about 2050.00 back and forgot to put in my donations so i called my accountant back and sent him all those recepits .. my extra itemized items (donations) got put in there and i got more money back.. :)
FFC
08-15-2008, 06:10 PM
I would NOT make a good accountant... thank you for explaining it to me. I still don't understand if the $600 receipt will help me (get me more money back) or not......:bbredface:
mtigercat
08-15-2008, 07:01 PM
it would add money to your refund only if you were able to itemize though. so to answer your question if you were getting a refund it would add money to your refund, but there is a catch. Only if you can claim all those deductions.
FFC
08-16-2008, 11:06 AM
Thanks, that helps! I think I *might* get an accountant this year..... :happy: