Questions on donation

I have a few questions. I donated my old car (needed some additional tax deductions, and it's for a good cause, right?) The charity left the value line blank. When looking up the value in
Kelley Blue Book, do I go by trade-in or private party price? It's an '84 300D in good condition. Also, does anyone happen to know if it's messy to include deductions when filing taxes via a website?
Thanks. Glen Barry
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This year the IRS will be going after non-cash charitable deductions. Too much abuse.
It's up to the taxpayer to justify the value claimed as a deduction. Since you didn't actively "market" the car, as would have occurred in a private party sale, and the charity simply took it off your hands the "trade-in" value is the defensible value, IMHO. You might also clip some newspaper ads as further evidence of market values for similar cars.
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The fair market value is what you're entitled to. That's a transaction between a willing buyer and seller. A dealer isn't a willing buyer. The private party value is closest to the fair market value.

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Your 300D is a valuable car... alot of people are willing to buy it in any condition. Most of those charitable donations are frauds... your car will end up in a dealer's lot.
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That's funny-- I bought my '84 300D at a Charity Auction-- that's right, an auction where they sell donated cars. It needed a little body work, but the interior and engine were good. Of course I couldn't drive it, so after I bid it up to $1700 and won I found out 1st gear was slipping really bad on the way home. $300 bucks got me a used, rebuilt tranny.
Anyway, getting back to the original question, when I donated a car to charity a few years ago my accountant put the value at the middle, right between the high and low blue book prices.
--Geoff '84 300D
Tiger wrote:

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snipped-for-privacy@hotmail.com says...

Thanks for all of the advice. I donated the car directly to the National Kidney Foundation, so I know it's legitimate. If the car was valuable, more the better. I hope they got its full worth out of it. I guess I've reached an age where I'd rather save myself the trouble of haggling and at the same time score a little extra good karma. It sounds safest all-around to list the trade-in value, since they're cracking down on charitable deductions. I contacted TaxBrain.com with my question about deductions and filing online, and they said there won't be any problem, so I don't have to worry about that, either.
Thanks again, Glen
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