New IRS Rules for Vehicle Donation
The new IRS rules for vehicle donation went into effect January 1, 2005. "The new rules have significantly changed the amount most donors can deduct for their car donation", according to Karen Campese, CEO of cars4charities, a national non-profit car donation center. "The old law allowed the donor to deduct the fair market value of their car as determined by a pricing guide such as the Kelley Blue Book", says Campese. "Now, people who donate older, less valuable cars can deduct up to $500. Those who donate more valuable cars can deduct the amount the charity sells the car for. In order to guarantee the donor the best tax deduction possible cars4charities now sets a minimum selling price on better vehicles."
For more information on car donation, call cars4charities at 1-866-448-3487 or log onto their website www.cars4charities.org .
About the Author
Karen Campese is the CEO of cars4charities, a national non-profit car donation center.
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