Donation of a vehicle to Charity

The recent signing into law of the American Jobs Creation Act of 2004 changes the rules for vehicles donated after December 31, 2004. These changes will have a profound effect on the amount most donors can deduct for their vehicle.  The current law allows the donor to use an established used car pricing guide to determine the fair market value of their donated vehicle.?

Beginning January 1, 2005 if the value of the donated vehicle is over $500, the donor will only be allowed to deduct the amount the charity sells the car for.  Since most charities wholesale donated vehicles to car dealers, the sale price rarely approaches the real value of the vehicle.   Anyone thinking about donating a car should call CPA Moms at 866-331-1040.


 

 

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