Acura Legend 1988 for donation

[BioSs]

Hi.. I get my Acura Legend 1988 had been sit in my front of garage for more then 5yr.. Last time it start up and running about 5yrs ago.. Now don't know what to do for advantage more cash. Should sell as part or donate for tax deduction? I don't make income this year, so tax is not that good idea. What else you guys suggest?

 

[Zenmervolt]

A car that hasn't run in 5 years? Outside? It's going to need everything. Drain the fuel tank, flush the brake fluid and coolant, hope to God the brakes haven't seized...

At this point, you're looking at selling for scrap most likely.

ZV

 

[EagleKeeper]

Tax deduction will only be useful if you have the ability to itemize using the Schedule A

That requires over $5K in expenses separately - usually taxes and at least $15-20K of income.

You may get 4100 at a junk yard.

Parting it out will get more; but take time and you will have a stripped vehicle for a couple of years sitting around. Then you still have to eventually dispose of the stripped shell.

 

[SearchMaster]

You may get 4100 at a junk yard.

For a neglected, 25 year old car? If you get an offer of 4100, jump on it without hesitation!

 

[halik]

Tax deduction will only be useful if you have the ability to itemize using the Schedule A

That requires over $5K in expenses separately - usually taxes and at least $15-20K of income.

You may get 4100 at a junk yard.

Parting it out will get more; but take time and you will have a stripped vehicle for a couple of years sitting around. Then you still have to eventually dispose of the stripped shell.

I think you added an extra 1 to that quote.

 

[SearchMaster]

I think you added an extra 1 to that quote.

Look again

Though I'm sure the 4 was supposed to be a $ (e.g. $100 instead of 4100).

 

[halik]

^ Ha that actually makes more sense