If you donate a car to charity, you can never be sure of the amount of the deduction until the charity actually sells the vehicle and reports the sale price to you. Since charities mostly auction the vehicle, the selling price could be much lower than the fair market value. Sometimes you may not get the value you expect. The tax deduction laws of vehicle donations were changed in 2005 by the IRS (Internal Revenue Service). As per the new rules, the selling price of your vehicle is directly related to the amount of your donation deducted. There are many provisions of tax deduction when you make a car donation. You should seek advice from an expert regarding the information relating too charitable tax deductions and also notice the IRS car donation rules. One should be alert about the car donation scams. By donating a car you can curtail all hassles of selling a car. No advertising on papers, no need of answering phone calls, no visitors to inspect your car, the advantage is that you get a healthier transaction for your car.
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03Sep
Categories: Car Donation, Taxes Comments: 0
