Yes, that's exactly what happened. Fire department banging on the door at 4am to tell me my car, parked on the street, is in flames. It's totalled.
The car, in very mustachian form, was a car I've been keeping alive for years. It served me well. Insurance is liability only so no $ to claim there.
Mainly I need to know what to do with the car. Do I donate it to a shop for $200 in cash? Do I give it to good will for $500 in a tax deduction? My effective tax rate is going to be somewhere around 25% I would guess, so that suggests that $200 is more than $500 in a deduction. Am I right??
Thanks.