|
|
|
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 news
Lerners & their money - ah, OUR money Cleveland Leader, OH - I suggested that he reject the abatement and his answer was “that’s just me making another donation.” Pressed, he said, “You’re talking to the wrong guy. ... |
Porsche Victory in Legal Campaign - Costs Donated to Motoring ... Autochannel (press release) - Goss, commenting on the donation to Skidz, said; “All along our decision to fight against this increased charge on Londoners was based on our firm belief ... |
Food drive set to aid emergency centers AndersonValleyPost.com, CA - We would like them to consider donating it us so they can get a tax write-off.” Checks should be made out to “Shasta Food Group” and handed to a South ... |
Useful car donation tax resources
|
Donate Car for Charity - IRS Car Donation and Tax Information Donations of used cars, boats, and trucks can benefit a not-for-profit charity organization! http://www.donate-car-for-charity.com/ |
|
Car Donation at Donate Car USA: Charity Vehicle Donations Program Car Donation at Donate Car USA - It's fast and easy to give your used car to charity! Donors receive the maximum 2005 tax deduction. http://www.donatecarusa.com/ |
|
Car Donation/DONOR broch File Format: PDF/Adobe Acrobat - View as HTML http://www.irs.gov/ |
|
Tax tip: donating a vehicle to charity When your old jalopy is down to its last sputter, don't automatically trade it in. That beater may be worth more to you as a tax deduction. http://www.bankrate.com/ |
|
CAR DONATIONS + Free Hotel Voucher Kars4kids Car Donation program will accept your used car donations. With your vehicle donation, you'll receive a tax deductible receipt, ... http://www.kars4kids.org/ |