[alfa] Re: Milano on craigslist.org (SF)

[TWFAUST@xxxxxxx]

 My info may be state specific, but I believe it is Federal. Most cars 
donated to "charity" do not go directly to the charity. They are received and sold 
by "fundraisers". The charity then receives a portion, usually 5-10%.  The 
deductibility comes when you donate, not when you buy. Charities are not allowed 
to appraise (since it costs them nothing, they would be in competition and 
offering ridiculous appraisals to obtain property). The deductible amount is 
between you and the taxing authority, you may have to obtain your own appraisal.
    From the sound of things, the automobile has been donated to the charity 
directly, not a "fundraiser". Still, you are receiving "value" for the sum 
given. I do not see how that could be deductible. (Not a tax accountant. The 
"donation" business is so juicy, that I looked into starting one. A surprising 
number of charities turned me down. They didn't want money from "sources like 
that". The most directly responding charity is now broke and selling its 
assets.).
Tom Faust


> Sorry for the geographically-specific post, but has anyone gone to look at
> this car? The ad has been listed on and off for over a month. Since the
> trim level was never originally listed, I called back when the price was
> still in the >$2k range to see if it was a Verde or not. They guy didn't
> seem to know much about Alfas or what model this was exactly--I asked him
> to tell me the color of the clover on the trunk lid...
> 
> I was under the impression this was donated to a charity, not a "museum",
> but I suppose a museum or other nonprofit can get into selling cars as a
> means of fundraising. This might make a real nice daily driver.
> 
> I always thought that if you bought a car from a charitable organization, a
> portion of the sale would be tax deductable? Does anyone know how it works?
> 
> http://www.craigslist.org/eby/car/19075677.html
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