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How Do I Estimate the Value of My Donated Car for My Tax Deduction? - TurboTax Tax Tips & Videos

Make sure the charity you donate your car to is an IRS tax-exempt organization. Estimate the fair market value of your car using a used-car guide such as the Kelley Blue Book. If the charity is going to sell the car, your deduction is limited to the sale price, even if it’s below the market value. If it sells for $500 or less, you can claim a deduction for the lesser of its fair market value or $500. If the organization plans to keep the car, then you can deduct the car’s fair market value. If that value exceeds $5,000 and the charity doesn ...

Car Allowance Rebate System

1 Last-minute car ineligibility 3 Credit 4 Engine disablement and scrappage criteria 5... from $2,500 for a new car that is 7 mpg ‑US (8.4 mpg ‑imp) more efficient than a trade-in to $4...

How Do Tax Deductions Work When Donating a Car? - TurboTax Tax Tips & Videos

TABLE OF CONTENTS ; Charitable deductions ; Step 1: Find out how much the charity sold the car for ; Step 2: Determine the car's fair market value

Tax Credits for Those Affected by Natural Disasters - TurboTax Tax Tips & Videos

TABLE OF CONTENTS ; Tax extensions for natural disasters ; Tax-free donations and natural disaster assistance ; Natural disaster casualty loss break

These Cars Qualify for the New Federal EV Tax Credit

The new $7,500 federal tax credit for a new electric car is complicated, factoring in where a... It's based on research by Consumer Reports and the Department of Energy, with my margin...

Credits and deductions for individuals

In this series: A deduction is an amount you subtract from your income when you file so you don’t pay tax on it. By lowering your income, deductions lower your tax. You need documents to show expenses or losses you want to deduct. Your tax software will calculate deductions for you and enter them in the right forms. If you file a paper return, your deductions go on Form 1040 and may require extra forms. Most people take the standard deduction, which lets you subtract a set amount from your inc...

How Does the Electric Car Tax Credit Work? | U.S. News

Federal EV Tax Credit for New Car Buyers New car buyers who meet the law's income restrictions and who buy new vehicles that meet the Act's numerous limitations can receive: A tax credit of...

Video: Does the IRS Allow Deductions for Donated Work? - TurboTax Tax Tips & Videos

Video transcript: Hello, I'm Jeremy from TurboTax with some important information on claiming a charitable deduction for volunteer work. I'm sure you know that the property donations you make to a charity are deductible. But I bet you didn't realize that you can also claim a tax deduction for some out-of-the-pocket expenses you occur when volunteering your time. There are other things you can deduct as well. When you use your personal vehicle to get to the organization you are volunteering for, ...

EV Buyers Delay Ordering New Car Amid Confusion Over Tax Credits - Consumer Repo - 컨슈머리포트

Electric vehicle buyers are struggling to figure out which cars qualify for the new federal EV tax credit. Consumer Reports explains what to do if you want a tax credit.

The $7,500 tax credit for electric cars is about to change yet again

Tax credits for electric car purchases are getting even more complicated. It will likely mean fewer vehicles will qualify — but we don't know which.

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