Donated cars for giveaway?

Question

Donated cars for giveaway?

Answer 1

I don't know exactly what you are asking.

If you are asking about the tax benefits from donating a car, you can take a deduction for the donation if it's donated to a 501(C)3 charity, and if you itemize.  Organizations usually sell donated cars at auction.  The deduction amount is what the organization sells the car for, and they'll give you a form showing the amount.  Your tax savings is the amount of the deduction times your tax bracket, so if for example they sell the car for $1000 and you are in a 15% tax bracket, your tax savings is $150.  If you don't itemize, you get no tax savings.