The tax deduction is off of federal income. And Texas has no state income tax (don't know about Michigan). The real equation is that since it's a deduction and not a credit, you'd need to claim it as a much larger donation to come out ahead, like 3—4x. For example if you make 100k, and you pay 25% tax, that's 25k tax. Subtract 3.5k from that income, and you're paying 96.5k times 25% tax. You almost always come out ahead by selling it.
Can I deduct a car donation from my taxes?
Usually, the Internal Revenue Service (IRS) requires you to calculate your deduction for a car donation in one of two ways based on how the charity uses your car donation. If the charity sells your car, you can only make tax deductions that are limited to the sales price.
What happens if a charity sells your car?
If the charity sells your car, you can only make tax deductions that are limited to the sales price. If the charity keeps the car, you can use the car’s fair market value to determine your tax deduction. A new tax law that was implemented in 2005 simplified the tax implications of donating your car.
Can I use my car's fair market value as a deduction?
In all other cases, you can use the car's fair market value. Use the price the charity obtains for your car in a sale as the amount of your deduction. For example, if the charity sells the car at auction for $3,000, your deduction is limited to $3,000, even if the fair market value is $4,500.
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