Car Donation and IRS Tax Information
A charity car donation is a fantastic way to get a deduction on your taxes. We have taken the time to do some research for you to help you determine the value of your car donation, boat, RV, truck, airplane or other vehicle.
Nearly every car donation / vehicle donation to charity is tax deductible.
The IRS allows you to deduct for your charitable donation, an actual fair market value of your car donation or vehicle donation. There are rules that apply to this process however. Publication 4303
Please call us with questions regarding your vehicle donation. We are able to give you an unbiased, 3rd-party recommendation based on our knowledge of the advantages associated with car donations.
How Much Can I Claim as a Tax Deduction?
Rules for claiming a tax deduction for donations of cars, boats, and airplanes valued over $500 limit the allowable amount of such deductions to the gross proceeds received by the charitable organization from the sale of the donated vehicle. When you donate car with Online Car Donation you are still able to receive the full Fair Market Value tax-deduction if we provide your vehicle to a family in need.
Which Vehicles actually end up going to disadvantaged Families?
Regrettably the vast majority of the car donations we receive are not eligible to be gifted to underprivileged individuals. Online Car Donation bases our decisions on various factors such as, vehicle age, make and model, mileage, where the vehicle is located, condition, cost of repairs and the needs of the families. Placing a vehicle with a donee family is the exception rather than the rule, donors should assume that their vehicle donation will be auctioned and in some cases sent to a salvage yard with the earnings returned to Online Car Donation. (We of course will notify you in writing if your vehicle has been gifted to a disadvantaged individual or other charitable organization ). Any chance we get to place a vehicle though, we go the extra mile to make sure it happens.
How Much is my Vehicle Worth?
Appraisal guide values are available to help you determine the anticipated market value of your car donation or vehicle donation. Find out how much your Vehicle is worth – Used Car Value
Vehicle Donations can Enjoy a Fair Market Value Tax Deduction
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