Giving Your Car to Charity - The New Tax Rules

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The Irs has changed the regulations on donating vehicles to charities. If you donated a car last year, you need to read the following to understand the new rules.

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Giving Your Car to Charity - The New Tax Rules

Millions of population donate cars, boats, Rvs, motorcycles and many other forms of communication to charities each year. While doing a good thing is one motivation, reaping a sizeable tax deduction is also a motivating factor. Unfortunately, the Irs has fulfilled, that more than a few population were deduction very optimistic values for their cars. Instead of auditing everyone, the Irs plainly changed the deduction rules for car contributions to charity.

If you donated a car of any sort to a powerful charity, but claimed less than 0 as a deduction, you can stop reading. The rule changes don't apply to such situations. If you are claiming a deduction in excess of this amount, read on.

The new Irs regulations are pretty straightforward to understand. If you donated a car to a powerful charitable organization, the number you can deduct is the exact dollar value the charity receives when it resells the vehicle. Put other way, you can no longer claim the blue book value of the car. The Irs wants to know what it was unquestionably worth, not what it would be worth if you hypothetically repainted it, got new tires, rebuilt the machine and so on.

Charitable organizations are more than aware of the new regulations and they will more or less take care of all things for you. To donate a car, you plainly dispose for delivery to the charity. The charity will then resell the car at some point in time. The club will then will send you correspondence detailing the gross proceeds from the sale of the vehicle.

This correspondence should, but is not required to, come to you as Form 1098-C. Yes, other form. plainly take the deduction for the gross proceeds on schedule A and attach the Form 1098-C to your tax return. If the charity sends you a written letter, attach that to your tax return.

While the above may sound overly burdensome, it unquestionably isn't.

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