Car Donation Q&A: Car Donation for Tax Write-Off?
Question by ElleT777: Car donation for tax write-off?
I’m an independent contractor in need of some tax write-offs. It was suggested to me by an accountant that I purchase a car for a few hundred dollars, and then sometime during the year, donate it to a specific charity (a local church) that offers a minimum ,000 tax write-off for car donations.
In other words- buy a car for 0, use it as a tax write-off for ,000.
Is this legal? I’m all for tax write-offs, but I don’t believe in being dishonest with my taxes.
Thank you in advance!
Best answer:
Answer by Heisenberg
dont try to make sense out of tax law. you’ll never get any of it to make sense. is it legal? according to the letter of the law and reasonable intergretation, yes it is.
also, you need to make sure you itemize every receipt you can. you need to have a long in depth conversation with your accountant to ensure that you understand everything that you can write off.
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