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Gramps | I want to donate my car to charity. In terms of tax deduction, does it matter which one? |
Will I get a bigger deduciton by donating to one charity instead of another or are they all the same (in terms of taxes)? |
 |
 
Rob
|
You must be Itemizing your deductions rather than taking the standard deduction
Where you donate to other than making sure that it is a qualified organization. There are limits and rules as to what you can deduct
If the qualified organization sells the car and you claim a deduction of more than $500, the following rules apply.
You can deduct the smaller of:
The gross proceeds from the sale of the car by the organization, or
The car's fair market value on the date of the contribution. If the car's fair market value was more than your cost or other basis, you may have to reduce the fair market value to get the deductible amount, as described under Giving Property That Has Increased in Value, later.
You must attach to your return the copy of the Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, (or other statement containing the same information as Form 1098-C) you received from the organization. The Form 1098-C (or other statement) will show the gross proceeds from the sale of the car.
http://www.irs.gov/publications/p526/ar02.html#d0e1542 |
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Judy1
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The deduction you get for donating a car to a registered charity is limited to what they sell it for. So if one sells them off cheap, and the other goes out of their way to get top dollar, you might do better with one that the other. But as far as tax law, they're the same, it just depends on the selling price. The rules have changed - blue book no longer has anything to do with what you can deduct. |
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shorty
|
I'm pretty sure that you get a receipt for your car no matter who you donate it to. I don't think you get more for one then you would from another. |
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CarVolunteer
 |
Yes it does. Most charities sell the cars to raise money. Your deduction is then limited to the amount they get for the car. If the charity gives the car to a needy person, you can deduct the fair market value (for example, the private party sale value from www.kbb.com.) I volunteer on a committee that has distributed about 80% of cars we have received to needy people over the last 7 years. If you are in the Chicago area, feel free to e-mail me if you are interested.
From the IRS web site:
In Notice 2005-44, the IRS and Treasury explain new rules adopted in the American Jobs Creation Act of 2004, which (1) generally limits the deduction to the actual sales prices of the vehicle when sold by the donee charity, and (2) requires donors to get a timely acknowledgment from the charity to claim the deduction.
Donors may claim a deduction of the vehicle's fair market value under the following circumstances:
- The charity makes a significant intervening use of the vehicle, such as using it to deliver meals on wheels.
- The charity makes a material improvement to the vehicle, i.e., major repairs that significantly increase its value and not mere painting or cleaning.
- The charity donates or sells the vehicle to a needy individual at a significantly below-market price, if the transfer furthers the charitable purpose of helping a poor person in need of a means of transportation. |
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Thomas M
 |
They are pretty much all the same do to the fact that their business is regulated by the IRS.There is one exception.If the land on which the charity property has a high monetary value,you might get less money,for the fact that they must account for higher rent.The charity companies fixes your car if it needs fixin,after donation and then they auction it off.Go for the one that seems the biggest and most trust worthy...Tom Science 4 |
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kamaljot85
 |
If you are itemizing on your tax return it depends mainly on how much your able to deduct compared to your withheld taxes from income. When you donate your car to a charity, they will send you form 8283 stating the amount you can deduct from your taxes. |
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jim_elkins
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It doesn't make any difference which charity you donate it to. Most of them will give you a receip that shows the blue book value. |
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Jennifer P
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All that matters is is how much they say the car is worth. Get a receipt. You may want to ask around first. Call and get estimates based on the Kelley Blue Book. But the most important thing to have researched is their governmental status. They have to be recognized as a charity by the IRS for your deduction to be legit. |
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Pluto
 |
I've donated my car to Father Joe's a few years ago, they just gave me a blank receipt with estimated amount on it. Just make sure you are not abusing this system, otherwise, auditor will come after you. |
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