I think they put $7K into the car and it is still not right and spent more than they would get selling it - I think.What do you mean you got $7k to scrap a car ? Did you donate it? Like to Kars for Kids?
I am not a tax advisor, and I don't play one on TV, but a $7k charitable donation is worth a lot less than selling it for even $4-$5k....
Not an accountant or tax attorney either - but in a high tax state such as N.Y. and NJ ...that Kars for Kids donation is useless since WE are maxed out on our deductions at 10k...taxes and mortgage interest alone covers it...What do you mean you got $7k to scrap a car ? Did you donate it? Like to Kars for Kids?
I am not a tax advisor, and I don't play one on TV, but a $7k charitable donation is worth a lot less than selling it for even $4-$5k....
Don't you have a lot of scrap buyers at HUNTS POINT?Has anyone done this with a reputable site ?
I got 7k ,prob more than I would have got selling it
I'm getting old ,may be time to cut my losses and get a corolla xse
I have no idea where to start tho
“Straight outta da poughkeepsie”Im.no longer in bronx ,I'm near poughkeepsie
Also not a tax accountant, nor a tax attorney.Not an accountant or tax attorney either - but in a high tax state such as N.Y. and NJ ...that Kars for Kids donation is useless since WE are maxed out on our deductions at 10k...taxes and mortgage interest alone covers it...
Maybe if you have a Company and donate it thru the Company then you can have it as a charitable deduction but it isn't $1 for $1 either.
OP I say Scrap it and get the cash.As to who I dont know my 2 cents....
@beechbmw- since this is beyond the scope of this thread ill just add before I used do be able to deduct my $16k property tax plus mortgage interest on top of everything else for federal.Now I can't deduct ALL OF IT.Also not a tax accountant, nor a tax attorney.
But I do know that the $10k limit only applies to state and local taxes, such as income and property taxes. I know this because I am also in the high tax state of Maryland and always do my own taxes. Mortgage interest and Charitable deductions are in separate areas of Schedule A 1040, below. There also may be something applicable called the Alternative Minimum Tax which effectively limits the total of Itemized Deductions that may be claimed. I am only relating my own tax filing practices and not suggesting or promoting how anyone should file their own taxes. YMMV
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Scrap places only offer like $100 in my area. A shame to send a well running car with a dent out like that. Post it here to highest bidder. Mechanical condition good?
I'm in poufhkeepsie“Straight outta da poughkeepsie”
just does not sound the same. LOL
