Car Donation Tax Deduction Tips
Listed below are some of the most essential charity car donation tips that you will have to consider if you have plans of donating your car, truck, van or any other vehicle to charity. You can’t just donate cars, you can give away old trucks, boats, airplanes, and ATV’s and even an old motor home, all of which still qualify for a tax deduction.
Be aware that the laws were changed in 2004, limiting the donor’s old car donation tax deduction value – only up to the amount that the selected charity ends up selling the car for.
Be sure that the charity you choose is worthy to be the receiver of the tax deductible contribution. Ask the organization for an IRS issued document verifying their eligibility status.
Be sure you get a well-documented receipt from the organization you donated your car to.
Know that the IRS are very keen with non-cash donations, so be sure that you document the correct car value really well and you keep an accurate and detailed record about the transaction.
