Welcome to the CalVet website, and thank you for your service! You may register to get information tailored to the personal profile you create or simply browse the site anonymously.elcome to the CalVet website, and thank you for your service! You may register to get information tailored to the personal profile you create or simply browse the site anonymously.
You may deduct a maximum of up to 50% of your adjusted gross income (AGI) (Line 36 on IRS Form 1040) for the tax year the donation was given. However, if you give more than 50%, the excess may be carried forward for up to five years.
For tax purposes, because a donation is a deduction from your income, the tax benefit relates to your tax bracket, Midwood says. Here's the math: Suppose you are in the 28 percent tax bracket. Your donated car's value, and thus the deduction, is $1,000. The $1,000 deduction will save you $280, Midwood says. If you're in the 15 percent tax bracket and you donate a car worth $1,000, it will only reduce your taxes by $150.