How to Donate a Car For Tax Credit??
If a tax deduction is an
important consideration
for you when donating a car
to a charity, you should check out the
charity; check the value of your car; and
see what your responsibilities are as a donor.
Selecting a Charity
If you are eligible to deduct charitable contributions
for federal income tax purposes (see Qualifying for
a Tax Deduction later) and you want to claim a
deduction for donating your car to charity, then you
should make certain that the charity is a qualified
organization. Otherwise, your donation will not be
tax deductible. The most common types of qualified
organizations are section 501(c)(3) organizations, such
as charitable, educational, or religious organizations.
This publication refers to section 501(c)(3) organizations
generally as “charities.”
Determining the Value of Your Car
The maximum amount you can deduct on your income
tax return is the fair market value of your car. Fair market
value is the price a willing buyer would pay and a willing
seller would accept for the car, when neither party is
compelled to buy or sell, and both parties have reasonable
knowledge of the relevant facts.
Some fundraisers have mistakenly claimed that donors
can, in all cases, deduct the full value of their cars as
found in a used car guide (such as “blue book” value). A
used car guide may be a good starting point to value your
car, but you should exercise caution. The IRS will only
allow a deduction for the fair market value of the car,
which may be substantially less than the “blue book” value.
Donate Car For Tax Credit
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