Donate a TOAD for tax write write off
Got a 1998 Chevy venture I've rigged for 4 wheels on the ground tow behind. Got the remco lube pump, sterling tow bar, break buddy, earring etc. We are the OE just don't need anymore and it'...
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I did this years ago and will never do it again..
many years ago we donated a car to the Boys Club in Los Angeles. Everything on the car worked fine, ran fine, but I just don't like selling vehicles, so we, along with the Boys Club director decided on a real and honest fair price (and it was cheap) for the car, I got a receipt and all was good.
That same year we got a random audit, and this donation came up. They went to the Boys Club and found that the car was GIVEN to the Venice Free Clinic... it was free! The genius's at the IRS came back and tried get us for a false deduction because one organization GAVE an item away the said it must be worth zero otherwise they would have sold it. Brilliant..
After a harassment suit threat by our accountant they begrudgingly dropped it.
Never again
many years ago we donated a car to the Boys Club in Los Angeles. Everything on the car worked fine, ran fine, but I just don't like selling vehicles, so we, along with the Boys Club director decided on a real and honest fair price (and it was cheap) for the car, I got a receipt and all was good.
That same year we got a random audit, and this donation came up. They went to the Boys Club and found that the car was GIVEN to the Venice Free Clinic... it was free! The genius's at the IRS came back and tried get us for a false deduction because one organization GAVE an item away the said it must be worth zero otherwise they would have sold it. Brilliant..
After a harassment suit threat by our accountant they begrudgingly dropped it.
Never again
