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Donating your vehicle to charity can help you when tax time comes around and it's also a great way to help people that are in need. The following tips will help you understand your obligations, and what is required to get the charitable donation credited on next years taxes.
Do You Itemize Your Taxes?
In order to receive a
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You can give your car to charity and deduct the gross proceeds
from the sale if the proceeds are for more than 0. If the
claimed value of the donated motor vehicle, boat or plane
exceeds 0 and the item is sold by the charitable
organization, the taxpayer's claimed value is limited to the
gross proceeds from the sale.
The charitable
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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
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