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Donating A Car - What IRS Want You To Know

When donating your car to your favoriteEntities  Customer Service at 1-877-829-5500.
charity, the Internal Revenue Service (IRS)
wants you to be aware of certain pitfalls.You should take into the many factors into
After December 31, 2004, taxpayers planningconsideration to establish the fair market
their charitable giving, donors shouldvalue of the car. Many used car buying guides
understand the way that the American Jobscontain step-by-step instructions so that
Creation Act of 2004 will alter the rules forreaders can make adjustments to the value of
the contribution of used motor vehicles,a car for accessories, mileage and other
boats  and  planes.indicators of its general condition.
Publications like Publication 526, Charitable
When the claimed value of the donated motorDeductions, and Publication 561 provided such
vehicle exceeds $500 and the item is sold bydetails.
the charitable organization, the taxpayer is
limited  to the gross proceeds from the sale.Taxpayers cannot take a deduction for car
donations if they do not itemize deductions
Under the rules in effect for 2004, taxpayerson their personal tax return. The decision to
will be able to deduct the fair market valueitemize is determined by whether their total
of  the  contributed  property.itemized deductions are greater than the
standard  deduction.
Here is what IRS officials recommend to
people  donating  their  cars:Taxpayers must document the automobile
donation and its fair market value. IRS
Check the qualification of the Charity.Publication 526 details requirements for the
Taxpayers should make sure that theytypes of receipts taxpayers must obtain and
contribute their car to an eligiblethe  forms  they  must  file.
organization, else their donation will not be
tax deductible. They can use the IRS WebsiteSome used car donation programs mistaken that
to check that an organization is qualified bydonors can deduct the highest value listed in
searching Publication 78. Publication 78a used-car buyer's guide regardless of the
contains a list of most organizations thatdonated vehicle condition. The IRS only
are qualified to receive deductibleallows a deduction for the fair market value
contributions. Publication 78 is alsoof the car. Fair market value takes into
available in many public libraries. If inaccount many factors, including the vehicle's
doubt, you can call IRS Tax Exempt/Governmentcondition.



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