HOW TO DONATE CAR FOR TAX CREDIT

How To Donate Car For Tas Credit Works
Car donation has tax benefits
Prior to January 2005, the IRS was allowing people who donated to a qualified car donation program to take a tax deduction based on their vehicle’s market value no matter how much or how little the vehicle sold for. Determining the market value of a donated vehicle is often quite difficult and time-consuming, which made determination of the amount of the tax deduction confusing. Fortunately, as a result of the new tax law that went into effect in January 2005, the IRS has taken the guesswork out of determining the value of your donated car, truck, RV, boat or other vehicle.
The IRS Allows The Taxpayer To Claim A Charitable Tax Deduction As Follows:
We make it easy to get the maximum tax deduction for your vehicle donation! Simply filling out the quick form to the right (or call 1-877-431-9474) and we take care of the rest. Your vehicle is picked up, sold, and proceeds benefit your local Make-A-Wish®, but you also get a 100% deductible receipt.
If the donated vehicle is sold for less than $500, you can claim the fair market value of your vehicle up to $500 or the amount it is sold for if less than fair market value.
If the donated vehicle sells for more than $500, you can claim the exact amount for which the vehicle is sold.
For any vehicle sold for more than $500, the exact amount it is sold for will be stated on your notification mailed to you, which in turn will be your charitable tax deduction. For additional information, the IRS provides A Donor’s Guide to Car Donations (Publication 4303 linked below), which details the determination of the value of your donated vehicle. As always, we help people donate their cars every day, and we would be happy to help you do the same.