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Fair Market Tax Deduction
Most vehicle donations that we receive will in some way qualify for the Fair Market Tax Deduction offered by the IRS. So not only can a vehicle donation help rid you of an unwanted vehicle, it could help you reduce your tax burden! We do whatever we can to make sure all donors get the maximum deduction for their donation, but we are all subject to the governing rules of the IRS.
More Details Regarding The IRS Fair Market Value Deduction
Any Car Or Vehicle Donation Can Qualify For Tax Deduction Benefits of $500 and more!
The IRS has provisions which allow you to take a deduction for your charitable gift, so long as you can prove your donation (by producing the documents we provide to you) and you follow the regulations set forth in IRS Publication 4303 (accessible through this link). Deductions are based on the real Fair Market Value of your vehicle/car donation. If you find the IRS rules to be confusing, please feel free to contact us, as our extensive experience in car donation has given us valuable insight. We are happy to give you our unbiased opinion and assist you in this matter.
The Size Of Your Deduction Depends On Several Factors
Your personal tax deduction will depend partially on the value of your vehicle and partially on its disposition. Here's a basic overview of the rules:
- The tax deduction for cars, trucks, vehicles, and aircraft valued more than $500 is limited to the gross proceeds that we (your charitable organization) secure via the sale of your car donation.
- You will be eligible for the FULL Fair Market Value Tax Deduction if we rehabilitate your car/vehicle and place it in use with a needy family or organization.
For more information, consult the IRS publication or call our volunteers toll free at 888-228-7320 and we will assist you in any way we can. We understand the vehicle donation IRS rules to be confusing, but we've worked with them for years and understand how to maximize your tax deduction.
Appraisal Guides Help Estimate Your Fair Market Value
For your convenience, we've provided these links to help you estimate vehicle value and related tax deduction. This will help you evaluate the financial worth of your vehicle donation, a worth that is enhanced by the satisfaction of helping others.
Donate Your Car And We'll Maximize Its Potential
We cannot guarantee that we will place your vehicle with a needy family or individual, but if that is a possibility, we certainly will. First, we must determine the feasibility of repairs and the functional life of the car. Most donated vehicles, however, will not make the cut and will be auctioned or sold (yet helping still!). Assume this to be the case, accept our sincere thanks, and be sure that we'll notify you (in writing) should your car be placed in a new home.
Nearly any vehicle can be used for the good of others, and nearly every vehicle will provide some tax relief to its owner. We welcome every gift and work with you to make the best of every car donation, for you and for us and our supported people and causes.