Follow up to 1.06.2010 post on Cash for Clunkers

There is something else to think about on this issue. Instead of the Government paying you $4,500 for your clunker, you could have donated your car to charity. Under these rules, the IRS allows you, the taxpayer, to claim a tax deduction of

a) The value of your vehicle up to $500 or
b) If we sell the vehicle for more than $500, we will mail you a notification stating the exact amount for which it sold, which is the value you state for your tax purposes.

So, depending on your income level and value of your vehicle, this could be a substantial savings instead of getting a pole jammed up your ass by the Government! I'll save you the obnoxious math figuring. Cheers!