Hello All,
My wife and I are trying to downsize, and we want to get rid of our second car--it is pointless to have two. The options are to try to Craigslist it or to donate it. Has anyone had experience donating a car? I've read up on the tax implications, and I am seeing a lot of ambiguity based on what the receiving agency does with it (use it, auction it, scrap it, etc).
Here's a bit more info: In any case, our second car has a KBB value of about $3,600, and we live in Pennsylvania. Additionally, we file jointly, and we are in the lowest Federal Tax bracket. Is it a good move to donate it and take the tax credit (as ambiguous as it may be), or to sell it? I'm anticipating that in my neck o'the woods, that I would not get the full $3,600 for the car.
Any input would help!