Remember, you only save on taxes the percentage of the
highest tax bracket you are in.
Example: You are in a 30% bracket and you deduct $2000 as the fair market value of the car. You would save $600 on taxes. If you are in a lower tax bracket, you save even less.
So anything you can sell the car for over $600 will be money in your pocket in the above example.
P E H
Last edited by P.E.Haiges; 10-02-2003 at 09:14 AM.
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