If the fair market value of my donated vehicle is $3,000.00, how much of that figure is deducted from the income taxes that I owe?
This is a tiny bit complicated, so if you do not understand it please ask your tax advisor or tax preparer. A percentage of your $3,000.00 donation gets deducted from your taxable income. The actual amount of taxes you save will be determined by your tax bracket. If you are in the 30% tax bracket, for example, then your actual tax benefit would be $900.00 on your $3,000.00 donation. In other words, 30% of $3,000. Top of page. 5. My old Honda Accord has a Kelly Blue Book trade-in value of $2,100.00 and a suggested retail value of $3,950.00, but it needs a new traney. Can I take an average of the two values and deduct the cost of a new transmission to determine the Honda’s fair market value? No. The IRS considers a vehicle that doesn’t run, or is not mechanically safe, to have a reduced fair market value. When determining the trade-in value at Kelley Blue Book you can get very specific about the condition of your vehicle. You can enter details about every aspect of your vehicle’s conditi
