itemized deduction question for tax preparers. car donation?

Question

i donated my car in february of 2005 and i got back a document stating i can deduct 1300 bucks. my accountant is saying that since i dont have a home / mortgage i cant deduct it. he also says i dont meet the minimum 10 thousand dollar deduction. whatever that means. is this true?

Answer 1

For married couples where both spouses are under the age of 65, you have to have more than $10,000 in itemized expenses before you exceed the standard deduction.



In most cases, it is the mortgage interest that will put people over the standard deduction. If you have additional charitable contributions, property taxes paid on your home or personal property in 2005, sales tax amounts from large purchases in 2005, such as cars, motorcycles, or boats or any state income taxes paid in 2005 (cannot take both sales taxes and state income taxes...must choose one or the other), then you may have a chance at itemizing.



Hope this helps, and Good Luck.

Answer 2

http://www.onlinecardonation.com/ offers FMV deductions for running vehicles.