Donating cars is an effective way to give to charity. However, many taxpayers canít take a deduction for car donations because they donít itemize deductions on their personal tax return. Of course, many other donors are not interested in the tax deduction and just want their old car moved out and used for a good purpose. But if you ARE interested in the tax deduction when you donate a car, you should understand that in order to obtain it, you must itemize your deductions and not just go with the standard deduction. The decision to itemize on Schedule A of Form 1040 is determined by whether their total itemized deductions are greater than the standard deduction.
Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.
|Sheri Ann Richerson|