So I mainly don't trust my FIL. He's taking my husbands car and various other things to the junkyard today. I pretty much have a really good idea of how much money we are going to get, but I know my FIL is going to try sceme us. Sad, I know.
So I came up with some bogus reason of why I need the reciept. I told him that I can write the cost of the vehicle off on my taxes as a loss if he brings the reciept home. He'll probably come up with some reason why he couldn't get it, but until then....
I'm wondering if that's true. If you purchase a vehicle and you have to junk it, can you claim it as a loss on your taxes?
PLEASE BUMP IT IF YOU DON"T KNOW!!!!!
Yes if you donated you could claim it on taxes for charitable contributions if you itemize. If you just junked it there is no write off. Positive:)
Quoting jessicer421:So I mainly don't trust my FIL. He's taking my husbands car and various other things to the junkyard today. I pretty much have a really good idea of how much money we are going to get, but I know my FIL is going to try sceme us. Sad, I know.
So I came up with some bogus reason of why I need the reciept. I told him that I can write the cost of the vehicle off on my taxes as a loss if he brings the reciept home. He'll probably come up with some reason why he couldn't get it, but until then....
I'm wondering if that's true. If you purchase a vehicle and you have to junk it, can you claim it as a loss on your taxes?
PLEASE BUMP IT IF YOU DON"T KNOW!!!!!
If it's a donation you could deduct the value of the car or is a standard deduction?
Quoting illiana707:Yes if you donated you could claim it on taxes for charitable contributions if you itemize. If you just junked it there is no write off. Positive:)
Quoting jessicer421:So I mainly don't trust my FIL. He's taking my husbands car and various other things to the junkyard today. I pretty much have a really good idea of how much money we are going to get, but I know my FIL is going to try sceme us. Sad, I know.
So I came up with some bogus reason of why I need the reciept. I told him that I can write the cost of the vehicle off on my taxes as a loss if he brings the reciept home. He'll probably come up with some reason why he couldn't get it, but until then....
I'm wondering if that's true. If you purchase a vehicle and you have to junk it, can you claim it as a loss on your taxes?
PLEASE BUMP IT IF YOU DON"T KNOW!!!!!
No its not the value of the car. When you donate things they have a set amount that you get to take per item. I can't remember exactly what the amount for a vehicle is, I'm thinking like $500 or something around there. Its not very much, I remember that.
Quoting jessicer421:
If it's a donation you could deduct the value of the car or is a standard deduction?
Quoting illiana707:
Yes if you donated you could claim it on taxes for charitable contributions if you itemize. If you just junked it there is no write off. Positive:)
Quoting jessicer421:
So I mainly don't trust my FIL. He's taking my husbands car and various other things to the junkyard today. I pretty much have a really good idea of how much money we are going to get, but I know my FIL is going to try sceme us. Sad, I know.
So I came up with some bogus reason of why I need the reciept. I told him that I can write the cost of the vehicle off on my taxes as a loss if he brings the reciept home. He'll probably come up with some reason why he couldn't get it, but until then....
I'm wondering if that's true. If you purchase a vehicle and you have to junk it, can you claim it as a loss on your taxes?
PLEASE BUMP IT IF YOU DON"T KNOW!!!!!
Ok thanks!
Quoting mysteriousmom06:No its not the value of the car. When you donate things they have a set amount that you get to take per item. I can't remember exactly what the amount for a vehicle is, I'm thinking like $500 or something around there. Its not very much, I remember that.
Quoting jessicer421:
If it's a donation you could deduct the value of the car or is a standard deduction?
Quoting illiana707:
Yes if you donated you could claim it on taxes for charitable contributions if you itemize. If you just junked it there is no write off. Positive:)
Quoting jessicer421:
So I mainly don't trust my FIL. He's taking my husbands car and various other things to the junkyard today. I pretty much have a really good idea of how much money we are going to get, but I know my FIL is going to try sceme us. Sad, I know.
So I came up with some bogus reason of why I need the reciept. I told him that I can write the cost of the vehicle off on my taxes as a loss if he brings the reciept home. He'll probably come up with some reason why he couldn't get it, but until then....
I'm wondering if that's true. If you purchase a vehicle and you have to junk it, can you claim it as a loss on your taxes?
PLEASE BUMP IT IF YOU DON"T KNOW!!!!!
When you do your taxes you either take the standard deduction for your filing status ($11k for married couples?) or if you have the expenses like mortgage interest and real estate taxes you itemize and come up with the value of you deduction on Schedule A. So most people that itemize do so once they have a house. On Schedule A there is a place to include the value of charitable contributions to increase the amount of your itemized deduction amount. So unless you use a Schedule A to itemize you don't include charitable contributions on you taxes. The value now used on your taxes is the amount the charity sells the car for. They send a statement to you. It used to be the fair market value but the tax rules have changed. HTH.
Quoting jessicer421:If it's a donation you could deduct the value of the car or is a standard deduction?
Quoting illiana707:Yes if you donated you could claim it on taxes for charitable contributions if you itemize. If you just junked it there is no write off. Positive:)
Quoting jessicer421:So I mainly don't trust my FIL. He's taking my husbands car and various other things to the junkyard today. I pretty much have a really good idea of how much money we are going to get, but I know my FIL is going to try sceme us. Sad, I know.
So I came up with some bogus reason of why I need the reciept. I told him that I can write the cost of the vehicle off on my taxes as a loss if he brings the reciept home. He'll probably come up with some reason why he couldn't get it, but until then....
I'm wondering if that's true. If you purchase a vehicle and you have to junk it, can you claim it as a loss on your taxes?
PLEASE BUMP IT IF YOU DON"T KNOW!!!!!
Thank you. This year we will be itemizing. It will be our first year as homeowners and a married couple. I could have sworn we itemized last year, but I do remember her saying we didn't have enough deductions to do so. I have been saving every little receipt so I can comb through them at the end of the year to look for deductions. We also have 2 sets of school loans with interest we can claim, to car loans with interest, my husbands tools for work, gas, uniforms and of course...our daughter. I'm hoping we'll do better this year than last.
You sound like you know a thing or 2 about taxes. I have a question. If you don't have health insurance, can't you deduct medical bills from your income?
Quoting illiana707:When you do your taxes you either take the standard deduction for your filing status ($11k for married couples?) or if you have the expenses like mortgage interest and real estate taxes you itemize and come up with the value of you deduction on Schedule A. So most people that itemize do so once they have a house. On Schedule A there is a place to include the value of charitable contributions to increase the amount of your itemized deduction amount. So unless you use a Schedule A to itemize you don't include charitable contributions on you taxes. The value now used on your taxes is the amount the charity sells the car for. They send a statement to you. It used to be the fair market value but the tax rules have changed. HTH.
Quoting jessicer421:If it's a donation you could deduct the value of the car or is a standard deduction?
Quoting illiana707:Yes if you donated you could claim it on taxes for charitable contributions if you itemize. If you just junked it there is no write off. Positive:)
Quoting jessicer421:So I mainly don't trust my FIL. He's taking my husbands car and various other things to the junkyard today. I pretty much have a really good idea of how much money we are going to get, but I know my FIL is going to try sceme us. Sad, I know.
So I came up with some bogus reason of why I need the reciept. I told him that I can write the cost of the vehicle off on my taxes as a loss if he brings the reciept home. He'll probably come up with some reason why he couldn't get it, but until then....
I'm wondering if that's true. If you purchase a vehicle and you have to junk it, can you claim it as a loss on your taxes?
PLEASE BUMP IT IF YOU DON"T KNOW!!!!!
Ashley's Husband Made it Home From a Deployment in Iraq - And Then Tragedy Struck
- jessicer421
on Nov. 23, 2009 at 10:40 AM