Common Questions that are asked about Car Truck and RV donations
Yes certainly
Charity Car Donation programs are still popular. They are a great way to help out others. If your car doesn't work the minimum is now $500 if the car works it can be sold for more you will get the full value. For example:
You have a 1995 Gold Toyota that sells at auction for $2000 Result: You'd take the $2000 write off for it You have a 2004 Ford Van that sells at auction for $5000 Result: You'd take the write off for $5000
Start with INTERNAL REVENUE SERVICE Form 526: Get Adobe Acrobat reader. "This publication explains how to claim a deduction for your charitable contributions. It discusses organizations that are qualified to receive deductible charitable contributions, the types of contributions you can deduct, how much you can deduct, what records to keep, and how to report charitable contributions. “A charitable contribution is a donation or gift to, or for the use of, a qualified organization. It is voluntary and is made without getting, or expecting to get, anything of equal value. “Qualified organizations. Qualified organizations include nonprofit groups that are religious, charitable, educational, scientific, or literary in purpose, or that work to prevent cruelty to children or animals. You will find descriptions of these organizations under Organizations That Qualify To Receive Deductible Contributions. “Form 1040 required. To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A. The amount of your deduction may be limited if certain rules and limits explained in this publication apply to you.”
INTERNAL REVENUE SERVICE Web Link:
Internal Revenue Service: Form 8283, Noncash Charitable Contributions