average Tax Deduction from a Car Donated to Charity
What the average Tax Deduction from a Car Donated to Charity?
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Visitor Stat
woody1
March 10, 2010 at 7:13 pm
1200 or so
http://www.myshifter.com
greatwheelsbutbroke
March 10, 2010 at 7:53 pm
I don’t know that there are any records around to quote. I do know that legally, the value for tax deduction cannot be more than the blue book value. I also know that many people donate used vehicles with too many problems to fix themselves. However, on the other end of the spectrum there is Jay Leno donating a top of the line motorcycle for charity — he is not the only one, just the only one that came to mind.
Country Boy
March 10, 2010 at 8:10 pm
There is no actual average tax deduction. You are suppossed to use the fair market value.
The IRS, in conjunction with state charity officials, has released two publications providing guidelines for donated vehicle programs, effective for donations made before December 31, 2004. Publication 4302, A Charity’s Guide to Car Donations, provides guidelines for charities that operate car donation programs. Publication 4303, A Donor’s Guide to Car Donations, provides guidelines for individuals who donate their cars.
Addenda to the publications highlight new rules that apply to donations made after December 2004.
Go here for the links:
http://www.irs.gov/charities/article/0,,id=132520,00.html
attienlee
March 10, 2010 at 8:19 pm
the maximum you can claim is 2000.