2 ms·
You paid income tax on the money used to pay for the car. By donating the residual value you are recovering part of the income tax that you already paid.
by spullara 13y ago
You paid income tax on the money used to pay for the car. By donating the residual value you are recovering part of the income tax that you already paid.
- lmm 13y agoYes, but for many people I suspect the value to them is much lower than the auction price. If you were following standard accounting like a business you would probably have fully depreciated the car before the time came to auction it.