|
|
| *Loan,banking and credit>>>car tax |
If you donated a car in 2004, but didn't claim it on your taxes, can you claim it for 2005? |
We donated a car in 2004, but didn't need it for our tax return last year, because no taxes were owed. This year some tax is owed and we would like to take it as a charitable donation. Is it okay to do it a year later? Thanks :) No. You would need to file an amended tax form for 2004 using a value for the vehicle based on it's book value. For a vehicle donated vehicle in 2005, you can only take a deduction for the amount the charity received in the sale of that vehicle. NO you can only deduct it the year it was donated. Do you have an IRA? If not ask and see if this will help you. This credit comes off the tax that you owe. If you do this be sure that the ira contribution year is 2005. You have until April 17 this year to make a contribution. I know you still have to come up with the money, but at least you will get it back when you retire (or before but you will get penalized) instead of giving it to the IRS and never seeing it again. If you have medical or want to buy a new home you can also take the money out and nothing happen just let them know at the time you take the money out. You can do a 1040X for the year that you donated the car. Check into an IRA it can help!! No it will not help your 2005 return. You might get money back from your 04 return that you can use for your 05 return. Modified 1 year ago |
| Tags |
| tax tips tax year income tax business tax car tax child tax cigarette tax corporate tax estate tax import tax |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |