Auto
Donations and Taxes
How Donating Your Auto Can Help Your Tax Situation
Tax time can be easier if you've donated
your auto
Since
the IRS is determining of the value of your vehicle donation, this removes
the risk of you having a tax audit due to overstating the value of your
car donation. You will know exactly the amount you are allowed to deduct,
removing any guesswork that you may have had to make about the correct
price. This removes the risk factors of auto donation.
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The value of your car, truck, van or RV, up to $500
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If the charity sells the vehicle for more than $500, the charity will mail you a statement indicating the amount for which they sold it. That will be the amount you are entitled to deduct under federal law.
When
you donate a car to charity, be sure to get a receipt.
This is important, as you will need to have this information to
confirm anything that could arise regarding your tax-deductible car
donation.
Any
charity that sell your car, truck, van or RV for over $500 should then
contact you and inform you of the vehicle's sale price for tax purposes.
This value is what your tax deduction will be for your car donation.
For additional information regarding auto donations, the IRS provides a guide to Car Donations, which describes how the IRS wants you to assess the value of the donation. This guide contains all the required information you will need to get the exact value of your vehicle donation. By using this guide, you should find it easier to gather the tax deduction information once you’ve decided to donate your car to charity.
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