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  #1  
Old 09-29-2003, 11:05 PM
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Kidney car

Well, I've advertised my '79 240D locally here for nearly a month now. Asking $1750 for it and is really good condition mechanically and average aesthetically. Some calls, fewer lookers, and no takers. I really thought I'd have someone interested in it for as long as I advertised it. Not worth it to me to sell it for a large loss considering all the new parts and the condition it's in.

Anyway, started considering the Kidney Foundations prospect of turning it over to them and using it as a tax deduction.

Has anyone ever done this and how do you assess a fair value which won't generate a tax audit?

thanks.

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  #2  
Old 09-29-2003, 11:14 PM
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There is a guy named sfloriII on that hangs out in the open forum, I think he has done this. As I recall it used to be in his signature. Hope I'm not steering you wrong, but try there!
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  #3  
Old 09-30-2003, 12:01 AM
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the sale of used cars

I have also ran an ad in the same paper as pdxman. The only calls I got were those wanting me to pay them to sell my car. Not one call was for the buying. I then moved the car to a busy street. That is when I started getting calls. You would think that an ad in the paper would be seen by more people the on a busy street. Anyway I still have the car. Hope I sell it soon. The Kidney Foundations seems like a great thing to do with your car.
cooty
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  #4  
Old 09-30-2003, 12:31 AM
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Found SOME info on donating it in the archives, but makes me feel that much more reluctant to do so. Don't really like the thought of a good car with some new parts going to an auction and being sold for a dismal amount. My ad runs for another week so we'll see. But, if nothing by then she'll have to go somewhere as I'm not going to insure her again.

I did receive some paperwork from the Kidney Foundation about donating it. As far as value goes, they DO NOT assess the value and should be done by the owner. Makes me nervous about proving the value I gave it at tax time.
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Old 09-30-2003, 12:40 AM
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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 10:14 AM.
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  #6  
Old 09-30-2003, 01:36 AM
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The best you'll get out of the IRS as far as value goes is the Blue Book, NADA, etc. Also, you better have a good set of photos to back up the "quality" of your donation so that they'll even let you use the Blue Book. As a practical matter, if you are looking at this from a purely economic standpoint (as opposed to also considering the obvious charitable benefit) about the only time you'll win economically in donating a car is when you're donating you're cosmetically good car with the rod through the side of the block. Then the deduction value you get from the blue book price looks pretty good. Of course you can always just take a higher deduction under the GTA (Good 'Till Audited) principle.
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  #7  
Old 09-30-2003, 02:20 AM
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I fixed it, try it now


Heres the IRS's link on fair market value

http://www.irs.gov/pub/irs-pdf/p561.pdf


Here edmunds link

http://www.edmunds.com/

Heres a link for Dallas Can Academy and how to donate a car.

http://www.texascarsforkids.org/howtodonate.asp

Not supporting Dallas Can Academy, but the site walks you through it.

Dave
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1970 220D, owned 1980-1990
1980 240D, owned 1990-1992
1982 300TD, owned 1992-1993
1986 300SDL, owned 1993-2004
1999 E300, owned 1999-2003
1982 300TD, 213,880mi, owned since Nov 18, 1991- Aug 4, 2010 SOLD
1988 560SL, 100,000mi, owned since 1995
1965 Mustang Fastback Mileage Unknown(My sons)
1983 240D, 176,000mi (My daughers) owned since 2004
2007 Honda Accord EX-L I4 auto, the new daily driver
1985 300D 264,000mi Son's new daily driver.(sold)
2008 Hyundai Tiberon. Daughters new car

Last edited by dmorrison; 09-30-2003 at 09:05 PM.
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  #8  
Old 09-30-2003, 09:57 AM
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Thanks everyone. I went through the Edmunds valuation process...maybe I should just part this car out? Sell the starter here, injection pump there, new tires here, a battery there...I'd get more $ from it but nah! Don't want a car skeleton laying around.

The IRS link is broken so couldn't go there (our hard earned taxes at work I suppose).

Anyway, I'll see about trying Cooty's idea of parking it somewhere busy with a sign. I live in the 'burbs' so some commuter may see this and want it.

Thanks all!
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  #9  
Old 09-30-2003, 10:43 AM
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Worth more dead than alive.

You mentioned parting it out. If you have the "hobby interest" in doing this, I can attest to it being worth more as a parts car. However, you'll need to start a junkyard.

Don
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  #10  
Old 09-30-2003, 11:01 AM
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maybe try listing it in the autotrader or ebay????????many more eyes there,BILL.
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  #11  
Old 09-30-2003, 12:43 PM
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The IRS link is a PDF file. You have to have Adobe Acrobat reader to read it. Go to Adobe.com and download reader, Its free.

Dave
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1970 220D, owned 1980-1990
1980 240D, owned 1990-1992
1982 300TD, owned 1992-1993
1986 300SDL, owned 1993-2004
1999 E300, owned 1999-2003
1982 300TD, 213,880mi, owned since Nov 18, 1991- Aug 4, 2010 SOLD
1988 560SL, 100,000mi, owned since 1995
1965 Mustang Fastback Mileage Unknown(My sons)
1983 240D, 176,000mi (My daughers) owned since 2004
2007 Honda Accord EX-L I4 auto, the new daily driver
1985 300D 264,000mi Son's new daily driver.(sold)
2008 Hyundai Tiberon. Daughters new car
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  #12  
Old 09-30-2003, 08:04 PM
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Quote:
Originally posted by wgreen
maybe try listing it in the autotrader or ebay????????many more eyes there,BILL.
The autotrader would be a better bet but it runs about $55 for a "till it sells" online ad with photo. The idea kind of pissed me off since I had to do all the work and pay the 55 bucks. I was able to sell the car I advertised fairly quickly even though I live in a hard to find area in the "sticks" about an hour from PDX, OR.
Ebay is a crap shoot. Most people there expect to get something for nothing. I've talked to a number of people who have listed with ebay and they often got non payers. You're out the listing fee which is often more than any of those online advertisers and I think the longest you can list at one time is 10 days.
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  #13  
Old 09-30-2003, 09:20 PM
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I live about 40 minutes out of Portland which is probably part of the reason why people haven't been interested. I live on property outside of town and some people I've spoke with would ask if its in a place they can drive by. It isn't unless you go up my private drive and I'd prefer not having that unless they arranged a time that I could be around. They never got back to me so wrote it off as a lack of motivation or interest.

My other campaign will be to put up flyers at the local store bulletin boards and such. Maybe someplace a high-schooler could see and talk Dad into a first car. I think this car is a perfect 1st time driver vehicle as it is sound, won't burn the tires, and generally can handle whatever else. I'd save it for my kids but that would mean having it parked for some time to come.
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  #14  
Old 09-30-2003, 10:40 PM
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PDX man, I know someone in salem who just wrecked their 240 and maybe in the market for another.
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  #15  
Old 10-02-2003, 12:34 AM
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I had an 'odd' call a couple weeks ago from someone asking me about my car. When I told them something, I could hear her typing it in like I was placing an ad. I had to ask what the inquiry was for since it didn't seem she was personally interested in the car. Apparently she worked for a car finder service and someone was looking to replace a 240D they had wrecked. They would then forwad the info on to the potential buyer and if they were interested in it they could call. Never did hear anything back but found it interesting anyway.

240demon; If they are interested, have them email me.

I did get an interested person that called tonight and I will drive it to Portland tomorrow for a lunch time appointment to see/drive it.

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