Moving Back Home for the Summer Could Lead to a Surprise Tax Deduction

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The time is here.  The school year has ended and the dorms are closing for the summer.  You’re finally scheduled to pick up your son or daughter (or both) from college and they’ll be all yours for the next 3 months.

You arrive at the dorm to find boxes, bags and milk crates, furniture and clothes, books, computers, printers, and many other things you don’t recall dropping off at the dorm room last August.   Once you get home and unload the mountain of belongings, you look around and wonder how you were able to share this same space prior to college life.

The first thing your college student asks is to use the car.  AH HA!  You were smart enough to save that 1989 Ford Bronco all these years JUST for this moment!  You glance over in the corner of the yard to find it’s got a bit of overgrowth around it.  You can weed whack that away no problem.  Hmmm…it has quite a bit of body rust.  Aw, that won’t affect the way it rides.  Oh, the tires need some air…oops, one tire is completely flat.  OK, you can fix that.  You’re sure it could use a tune-up so you go get the keys.   The keys…the keys.  Has anyone seen the keys?  They’ve been in the same spot for 4 years now.  Why would they move?  How could they move?

You never find the keys. So what to do now with the old grey mule?  Can’t start it.  Can’t drive it.  Doesn’t make sense to pay for a new key to be made or new ignition to be installed.  Just then you have another “AH HA!” moment.   Car donation!  For charity!  It’s easy, simple, quick, it clears up your yard, and the vehicle will find a new life after the one you gave it.  Most importantly, once the vehicle sells and the charity gets the money, you’ll be helping to fund necessary programs and services for those who desperately need it.  It’s a donation, so you’ll get a nice tax deduction at the end of the year, as well.  Everybody wins!

You pull out your phone and head to to donate your car.  You smile, feeling accomplished knowing this is the beginning of a great summer.

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Advanced Remarketing Services offers innovative solutions to some of the remarketing industry’s toughest questions. We navigate the confusing landscape of wholesale, salvage and consumer markets to sell the vehicles in the best venue to the most appropriate buyer base.

Emily KelleyMoving Back Home for the Summer Could Lead to a Surprise Tax Deduction

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