When get 500 deductible for giving car away to donation, do i get 500 bucks back in taxes?

No, you get a $500 itemizable deduction to put with your other itemizable deductions. If you have enough deductions to make your itemized deductions higher than your standard deduction, you benefit from the donation by lowering your taxable income by $500. So you will save somewhere between $0 and about $125 by donating $500.

Bob F is correct. You will get a tax deduction of $500 on your itemized deductions. In order to itemize you must have more itemized deductions than what your standard deduction comes up to. Depending on your overall adjusted gross income you could be limited to how much deduction you can take this year. You may have to carry some of it over and use it next year. If you don't have enough to itemize your deductions you will get no benefit by donating the car. Can you sell it for that? If so I would.

No, if your deduction is $500, your tax savings is that times your tax bracket, IF you itemize - if you don't itemize, you get no tax benefit from the donation.

Your deduction isn't necessarity $500, but if it is, and you are in a 15% bracket, and you itemize, you'd save $75 in taxes.

Chances are you will not get any thing.

Charity deduction is itemized deduction. You will take deduction only if your itemized deductions are more than your standard deduction.. Read about charity deduction: http://taxipay.blogspot.com/2008/05/itemized-deductions.html