Admiralty Law

Antitrust Law

Asbestos Law

Civil Rights Law

Communications Law

Contract Law

Dispute Resolution

Divorce Law

Education Law

Family Law

Health Law

Immigration Law

Incorporation

Internet Law

Intellectual Property

Landlord Tenant Law

Law Schools

Lawsuit Funding

Lemon Law

Medical Malpractice

Other Law Fields

Personal Injury

Prepaid Legal Services

Structured Settlement

Tax Law

Workers Comp

 

Free Legal Advice

Online Legal Forms

Legal Answers

Legal Definitions

Advertise on LDB


 

 

Car Donation Deduction

Navigation:  Home > Tax Law > Car Donation Deduction

 

The IRS advises that taxpayers contemplating car donations  ask many questions and carefully consider just how much of the proceeds from the car will go to their intended charity. A recent federal study indicates that in many instances such vehicle contributions may help the intended charities far less than taxpayers. Indeed, the IRS reported that a California study revealed that 80 percent of charities contracting with fundraisers to run their car donation program received less than 60 cents for every dollar value of vehicle

The IRS advises that, before making a car donation, you make sure that the organization is qualified, that you speak directly to the charity, and that you examine state filings for more information.

To take advantage of the deduction, you must itemize your deductions on your tax returns, deduct only the car's fair market value, and document the charitable car donation. 

Sponsored Ads

Find a Lawyer

Sponsored Links

Your Ad Here