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Car Donation Tax Reduction

Jul 17, 2008
A good place to read the government rule on car donation is IRS Publication 4303, A Donor's Guide to Car Donations (available on the IRS's website at www.irs.gov). This guide outlines some important rules regarding car donation. For example, one important rule states that car donation must be made to qualified organizations in order to be tax deductible.

Determine the value of your used car. Although the blue book might help you determine the value of your car, you should read IRS Publication 561, Determining the Value of Donated Property (available on the IRS's website), to see what your car really worth.

Find a charity to donate your vehicle. If you are associated with any charity or non-profit organizations, that organization might be your choice for donating your car. Otherwise, check the Yellow Book or search on the Internet to find an organization to which you feel like donating your car. After you have identified a candidate, you should review IRS Publication 78, which is a list of organizations eligible to receive tax-deductible charitable contributions. This document is also available on the IRS's website and it's searchable. Make sure the candidate charity is eligible. Otherwise, you might not get your tax deduction!

If the car you donate is sold for less than $500, it is up to you to determine the fair market value as long as the figure is below $500. The tax receipt that the charity is required to send you will be less detailed and will merely acknowledge your donation. The information included on the tax receipt will be your name, the date of the donation and a brief description of the vehicle.

If you do decide to pursue car donation, you will find out that the process is easy. You can contact most charities by phone or online. It is important to ask the charity you wish to get involved with for some specific and important information. This is necessary in order to avoid complications and also be sure you understand the process. It?s not hard, but does require you to fill out some important information and get the car ready.
About the Author
Learn about donate cars by visiting http://car-donation-advisor.info and get a FREE limited report on "Car Donation Programs" by visiting http://car-donation-advisor.info,a website that provides free advice on how to donate your car
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