Junk Car Values
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Junk Car Values
Taxpayers are expected to provide accurate car values on their auto donations. This applies to people who give away junked cars to charities. The car's book value is based on what you could receive for the car if you sold it. The best resource for estimated the book value of your car is to look in the Kelley Blue Book which offers widely accepted estimates of what a car would sell for in an open market.
If you purposely over-estimate the value of your car, you'll soon have the IRS peering over your shoulder. The next thing you know you could be paying a tax penalty of $1,000 while losing any initial tax benefit you would have received. That kind of defeats the whole purpose of donating a car.
If you decide to donate your car to a junkyard, think about using a reputable company like junk-yard.org. No matter where you need your car towed anywhere in the U.S., junk-yard.org will do it. The service is fast and free.
Need help figuring out the book value of your car? Junk-yard.org can help, or you can do a quick Internet search for Kelley Blue Book.
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