TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

Tax deduction for Flatbed Trailer

Forum|Forum|1 year ago
July 3, 2024
1 reply
0 views

I have a flat bed trailer that we use in our business. Can I get a tax deduction like a vehicle if I donate the trailer to charity? Can the charity then sell the trailer to further its charitable purposes?

No, a flat bed trailer donated to charity would be considered tangible property, not a vehicle. Typically, the fair market value at the time of the donation is the amount you can deduct as a charitable donation. If the fair market value is over $5,000 you will need to get an appraisal.

The charity is allowed to sell the trailer to further its charitable purposes.

Here is a link to a Turbo Tax Help Article for more information on charitable contributions.