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byrdman26 | How does it work donating a car to charity? |
I just brought a new car and i do not need my old car anymore so i am considering donating my car to a nonprofit charity. what my concern is how would that work as far as my taxes go? would i claim it and itemize it as a deduction? would i get the blue book value of my car? |
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sunshinysusan
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=The rules have changed because people have really taken advantage of this deduction and the IRS is now onto it. If the charity that you donated your vehicle to actually uses the vehicle then you can take the fair market value of it and they will send you a receipt. If they sell it at auction etc. they will send you a receipt of what they received for it which is the FMV and that is what you can deduct on your taxes. Save the receipt in case of audit. |
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littlebettycrocker
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Cars, Boats, and Aircraft
If you donate a car, a boat, or an aircraft to a charitable organization, its FMV must be determined.
Certain commercial firms and trade organizations publish monthly or seasonal guides for different regions of the country, containing complete dealer sale prices or dealer average prices for recent model years. Prices are reported for each make, model, and year. These guides also provide estimates for adjusting for unusual equipment, unusual mileage, and physical condition. The prices are not “official,” and these publications are not considered an appraisal of any specific donated property. But they do provide clues for making an appraisal and suggest relative prices for comparison with current sales and offerings in your area.
These publications are sometimes available from public libraries or at a bank, credit union, or finance company. You can also find pricing information about used cars on the Internet.
An acceptable measure of the FMV of a car, boat, or airplane donated after June 3, 2005, is an amount not in excess of the price listed in a used vehicle pricing guide for a private party sale, not the dealer retail value, of a similar vehicle. However, the FMV may be less than that amount if the vehicle has engine trouble, body damage, high mileage, or any type of excessive wear. The FMV of a donated vehicle is the same as the price listed in a used vehicle pricing guide for a private party sale only if the guide lists a sales price for a vehicle that is the same make, model, and year, sold in the same area, in the same condition, with the same or similar options or accessories, and with the same or similar warranties as the donated vehicle.
Example.
You donate a used car in poor condition to a local high school for use by students studying car repair. A used car guide shows the dealer retail value for this type of car in poor condition is $1,600. However, the guide shows the price for a private party sale of the car is only $750. The FMV of the car is considered to be no more than $750. |
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HEY boo boo
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IRS is on to it be , afraid be very afraid |
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Cinderella
 |
Hi,
I am not sure about getting the Book Value on the vehicle, but basically you find an organization that is taking vehicles for donation and turn it over to them with the title. YES, it is an itemized deduction falling under the category of charitable donations. If you do not itemize your taxes and typically use the standardized deduction (because it works in your favor) then it doesn't really matter.
Do choose a good organization when donating, do your research first. I never understood why the Girl Scouts take them, do they use them for their camping trips, cookie rallyies......I don't get that one.
We have Wheels to Work with helps single, poor moms that are trying to work and stay off welfare. Although they have to support the vehicle on their own, insurance, reg fees and such) they are given a vehicle by the organization.
Now there's a cause that comes back at your taxes twice over :-) |
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Mathew
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it will depend on the state you live in for your state income tax return but for the Federal you find a charity that will take the car and they issues you a notice of receipt. They will be prohibited from placing a value on that receipt with the exception of those states that require they later provide the value that they sold the vehicle for. In general it will be your responsibility to establish the value. One way would have been to have the car dealership where you got the new car give you a trade in estimate. They may still do that. You can get a blue book value estimate off the Internet at bluebook.com or one of the other such sites. It would be a good idea to take a picture of the vehicle to show that it is not a wreck. This has been an area of concern for the IRS as so many people cheat on the value so be honest with the value you place on the vehicle. Once that value is properly estimated you will be able to list the car as a charitable gift. You will need to provide the name and address of the charity but you should be able to get that from the receipt. |
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misslabeled
 |
Depending on the charity and condition of your car, you could get low Blue Book, salvage, or whatever it sells for at auction as a deduction under charitable donations. It's only a real benefit if you itemize your deductions because otherwise it just won't matter--you will have done it out of the goodness of your heart. ;)
Oh, and giving it to a private individual such as the begging single mom will NOT qualify as a charitable donation. It needs to be a recognized charity. Your best bet is to look at the IRS web site. |
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Red
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the value of the car is placed by the charity. they will wholesale it and send you a tax receipt to take off your taxes. i've donated a couple of cars in the past and the value you receive is always a lot lower than if you sell it.
its just a convenience to get rid of it and it helps your charity out. |
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Alex B, Ph.D
 |
poor people drive your car until it is out of gas, and then they throw it away or recycle it to make paper bags for burger king |
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nido_tr3s
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If you don't itemize on your taxes (for example, if you are not a homeowner), don't bother donating the car unless you just want to do it as a kind deed benefitting a charity. If you itemize, go for it. Determine the Blue Book value on Kelly Blue Book or a similar site, PRINT OUT THE INFORMATION, and keep it with your tax records. If the Blue Book says the car you've donated was worth $4,218, then that's the amount you should claim. Keep the information with your records in case you are audited. The charity will give you a tax receipt. Also, if you've put any money into the car (repairs, etc.) recently, keep those receipts also to justify the Blue Book value. I donated a car to charity and it ended up being an incredible boon come tax time! It really reduces the amount of taxes you owe and will probably give you a hefty refund. |
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Jer
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Yes, typically you will get a reciept that will show you donated the car. The reciept will show blue book value, sometimes more. When it comes to tax time, you will list it under donations. If I remember correctly, there might even be a section that you can specifically list a vehicle donation. |
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mrsoliviawilson
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hi i'm a singal mom and a full time student looking for a car you could give it to me as a tax write off and i live in north carolina/ |
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white61water
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Yes (deduction)
Yes (blue book value)
Yes great idea and helpful to the charities |
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