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Is my car donation tax deductible?

06 Mar

I’m Selena I want to donate my car in a charity organization on http://www.outreachcenter.com so anyone knows my donation is tax deductible?

 
4 Comments

Posted in Car Donation Orange County

 

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  1. not 2 B fooled

    March 6, 2010 at 12:49 am

    yes it is

     

  2. Jamerican Steve

    March 6, 2010 at 1:45 am

    Yes but if your car is valued at more than US$500, then your deduction is limited to the charity’s actual selling price which you are NOT entitled to know before donating your car.

    Second, to benefit from a car donation, you have to itemize your taxes. Your certified accountant can help you decide if donating is in your best interest, or you can ask the IRS at (800) 829-1040.
    IRS # http://www.irs.gov/help/article/0,,id=96730,00.html

    Be sure that any charity you use is 501(c)(3) tax-exempt status with the IRS and that you hold on to your receipt as some charities are unable to give you copies later.

    Good luck and I hope I have been helpful.

    Steve
    http://411newyork.org

     

  3. Cars4Charities

    March 6, 2010 at 2:44 am

    If the charity sells your car donation, you are entitled to a deduction of the greater of $500 or what the car is sold for. You do need to itemize on your federal tax return in order to claim it. If the charity used the car or gives it a needy person, you many claim the fair market value of the car.

     

  4. Tom

    March 6, 2010 at 3:18 am

    yes and the people you donate it to will provide you with proper documents to do so