Auto Donation Tax Deduction

Auto Donation Tax Deduction

When you donate your vehicle to 1-800-Charity Cars you may be eligible for an auto donation tax deduction. Your tax preparer should have more information about how you can deduct your donation on your tax return. New tax rules allow those who apply for an auto donation tax deduction to deduct different amounts depending on how your vehicle is used by the Charity Cars organization.What is 1-800-Charity Cars?Charity Cars is a non-profit organization that provides free transportation to disadvantaged families across the United States. All of the vehicles that are gifted to these families have been donated by people just like you. If you have a used or unwanted vehicle, donate it to Charity Cars. Your donation of a car, truck, van, boat or airplane can be used to give a struggling family the keys to a new start at life. All donors will be given a receipt that allows them to seek an auto donation tax deduction. Donors may deduct up to $500 from their taxes for their vehicle donation. If your vehicle is auctioned by Charity Cars and sells for more, you may receive a higher auto donation tax deduction. Should Charity Cars use your vehicle donation for the charity's mission and grant it to a struggling family, you may deduct the “fair market value” of your vehicle.Who Does it Help?Charity Cars gifts free vehicles to a variety of struggling families all over the country. Disadvantaged families that have their own vehicle will become less dependent and more self sufficient. Charity Cars will use your donation to give these families the transportation required for them to get back and forth to work, take their children to school, make trips to the grocery store and other daily tasks. Many of the families that are aided by Charity Cars have been recommended to us through churches, social workers and other non-profit organizations. If Charity Cars uses your vehicle donation to help one of these families, you can receive a higher auto donation tax deduction. Not only will you benefit from donating, but you'll also benefit the Charity Cars program and a struggling family in your area.Preparing Your TaxesWhile preparing your taxes, be sure to ask your tax preparer about filing for an auto donation tax deduction. Remember, if our charity program gives your used car to a disadvantaged family, you will be given a written acknowledgment within 30 days of your donation. We will let you know exactly how we intend to use your vehicle and give you a receipt that may make you eligible for an auto donation tax deduction.