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Deductions & credits
That depends upon how much they sell the car for. In order to get a $500 deduction (which they cannot and should not guarantee), the sale price would have to be at last $3,333. And any value over $5,000 requires a written appraisal.
Further, it only benefits you for Federal if your total itemized deductions are more than the Standard deduction.
State may be different
‎June 4, 2019
7:33 PM