The big tax situation is now upon us and people, including myself are scrambling to try and figure out how to make some last minute tax deductions via charity donations. One great and often overlooked way is to donate a car to charity.
Before January 2005, the IRS was allowing people who donated to a qualified car donation program to take a tax deduction based on the vehicle’s market value which required a lot of guesswork. But now, as a result of the new tax law the IRS has taken the guesswork out of assessing the value of your donated car, truck, RV, boat or other vehicle.
The IRS provides A Donor’s Guide to Car Donations (Publication 4303 linked below), which details the determination of the value of your donated vehicle.
Before you donate your car to charity, the IRS advises that you do the following:
- Research the charity.
- See if you will receive a tax benefit for your donation.
- Look up the value of your car (however, you can only deduct the actual amount the charity sells your car for).
- Ask if you, as a donor, have any other responsibilities.
You can check on a Charity here.
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