Donating your car for tax credit to charity can be a great way to get a tax deduction. If you would like to get the maximum tax deduction, then you're already almost done. It's as simple as filling out the little form to the right.We get you the most good and highest tax deduction for your car. Not only that but you are also helping a local child's wish come true.
How it works ?
Until January 2005, IRS was giving tax deduction who donate car for tax credit no matter how much the car is sold for. To determine the market value of a donated car is often very difficult and time consuming. Fortunately, according to the new tax law effected in January 2005 IRS has taken the guess work out of the determining the value of donated car.
IRS allows the Tax Payer to claim a charitable tax deduction as follow :
If the Donated car is sold for less then $500, You can claim the fair market value of your vehicle up to $500 or the amount it is sold for if less then the fair market value.
If the Donated car is sold for more then $500. You can claim the exact amount for which the car is sold.
For any car sold for more then $500, the exact amount it is sold for will be written on the mail which in return will act as your charitable tax deduction. For more information, IRS provides a donor guide to car donations which explains the determination of the value of your donated car.
How it works ?
Until January 2005, IRS was giving tax deduction who donate car for tax credit no matter how much the car is sold for. To determine the market value of a donated car is often very difficult and time consuming. Fortunately, according to the new tax law effected in January 2005 IRS has taken the guess work out of the determining the value of donated car.
IRS allows the Tax Payer to claim a charitable tax deduction as follow :
If the Donated car is sold for less then $500, You can claim the fair market value of your vehicle up to $500 or the amount it is sold for if less then the fair market value.
If the Donated car is sold for more then $500. You can claim the exact amount for which the car is sold.
For any car sold for more then $500, the exact amount it is sold for will be written on the mail which in return will act as your charitable tax deduction. For more information, IRS provides a donor guide to car donations which explains the determination of the value of your donated car.
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