Giving Your Car to Charity The New Tax Rules
The IRS has changed the regulations on donating vehicles to charities. If you donated a car last year, you need to read the following to understand the new rules.
Giving Your Car to Charity The New Tax Rules
Millions of people donate cars, boats, RVs, motorcycles and many other forms of transportation to charities each year. While doing a good thing is one motivation, reaping a sizeable tax deduction is also a motivating factor. Unfortunately, the IRS has concluded that more than a few people were deduction very optimistic values for their cars. Instead of auditing everyone, the IRS simply changed the deduction rules for vehicle contributions to charity.
If you donated a vehicle of any sort to a qualified charity, but claimed less than $500 as a deduction, you can stop reading. The rule changes dont apply to such situations. If you are claiming a deduction in excess of this amount, read on.
The new IRS regulations are pretty simple to understand. If you donated a vehicle to a qualified charitable organization, the amount you can deduct is the exact dollar value the charity receives when it...
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