|
|
|
Car Donation information
WASHINGTON — Internal Revenue Service officials today announced the release of two new publications dealing with car donations as part of an effort to help taxpayers avoid potential pitfalls when they donate automobiles to charities.
The first publication, Publication 4302, “A Charity’s Guide to Car Donations,” addresses issues that charities need to know to properly operate car donation programs. The second publication, Publication 4303, “A Donor’s Guide to Car Donations,” is focused on individuals who make such donations.
"We want people and the charities to make sure they are taking the proper steps involving vehicle donations,” said IRS Commissioner Mark W. Everson. ”Supporting charitable activities through tax deductible contributions is an important element of tax law and serves the national interest. But we encourage people to proceed carefully when donating vehicles. There are instances where the donations may provide little benefit to the charity."
For a taxpayer, the appeal of a car donation is simple: Unload an old car, help a worthy cause and take advantage of tax provisions designed to support the generosity of Americans. Taxpayers who itemize their deductions may be able to claim a charitable contribution for the cars they donate to charity. The deduction may not exceed the fair market value of the car.
In recent years, the number of car donation programs has increased dramatically. This growth, however, has taken place without taxpayers and charities always understanding their obligations under tax law.
Both publications were written in conjunction with state charity officials, as part of an ongoing effort by state and federal officials to work together to educate taxpayers and charities.
Publication 4302, A Charity’s Guide to Car Donations, provides descriptions of several different car donation programs, filing and disclosure requirements for charities operating these programs and related information. Included among the description of vehicle donation programs is an example of an arrangement that would fail to preserve the deductibility of a contribution.
Publication 4303, A Donor’s Guide to Car Donations, reminds taxpayer that they need to make sure they are donating their vehicle to a qualified organization, receive a written acknowledgement from the charity, keep records and properly assess the fair market value of their vehicle.
Both publications are intended to assist individual taxpayers and those operating car donation programs to comply with tax law.
Related Items:
Pub. 4302 — A Charity’s Guide to Car Donations (PDF 165K)
Pub. 4303 — A Donor’s Guide to Car Donations (PDF 179K)
Source: Internal Revenue Service IRS. gov (Department Of The Treasury)
Latest car donation tax law news
Car Donation Tax Deduction Calculator Boosh News (press release) (blog) Car donation is usually tax deductible so while you are helping someone in need you are also reducing the amount of taxes that you have to pay that year. ... The Purple Heart Car Donation Program The Best Car Deals - Low Finance Rates Vs Rebates - Which Should You Choose? Car Donation Helps Those in Need |
Was Cash For Clunkers a Success? Boosh News (press release) (blog) Car Donation is not only charitable but it is also tax deductible meaning that if you donate your car this year a chunk of your taxes will be taken out for ... Water Hybrid Cars - How You Can Make Your Vehicle Run in Water |
Car donations: Donate to 'Cars for Homes' for Habitat for Humanity Health and Beauty News (blog) In certain situations, if you itemize your deductions, you can get a tax deduction for car donations, giving even greater reason why to donate cars. ... |
Useful car donation tax law resources
|
Car Donation 2005 Tax Laws If you are planning to donate a car, it is important to note these changes to the tax law that went into effect on January 1 st, 2005 to make sure that you ... http://www.hvaa.com/ |
|
Car Donation Tax Deduction Laws: Donate a Car 2 Charity Car donation charity provides fast, free nationwide pickup. Donate car, boat, or RV for full charity tax deduction. http://www.donateacar2charity.com/ |
|
Donate Car for Charity - IRS Car Donation and Tax Information A car donation to charity can be a great way to get a deduction on your taxes. Thanks to new tax law that went into effect in January 2005, the IRS has ... http://www.donate-car-for-charity.com/ |
|
2005 Car Donation Tax Law Leaves Donor & Charity Incentives Strong ... COSTA MESA, Calif., Dec. 2 -- Lots of people are talking about the new car donation tax law going into effect on January 1, 2005, industry leaders say car ... http://www.theautochannel.com/ |
|
Car Donation/DONOR broch File Format: PDF/Adobe Acrobat - View as HTML http://www.irs.gov/ |
|
Charity.com: Vehicle Donations and The New IRS Car Donation Tax Law New Car Donation Tax Law from the IRS - Beginning January 1, 2005, new federal tax legislation governing vehicle donations went into effect. http://www.charity.com/ |
|
Tax tip: donating a vehicle to charity The ads are still out there: "Donate your car and get a tax break. ... Other donation rules still apply Of course, the general tax laws regarding all ... http://www.bankrate.com/ |