2013 Car Donation Tax Deduction - How To Get The Maximum Tax Benefit Out Of Your Vehicle Donation
Donating
your car or vehicle to charity can be a great way to get a tax deduction, and
Wheels For Wishes makes it easy. If you would like to help your local
Make-A-Wish® and get the maximum tax deduction, then you're already almost
done. It's as simple as filling out the little form to the right or calling
1-877-431-9474. We make the process easy, and you get the most good (and
highest tax deduction) for your car. Not only that, but you are also helping a
local child's wish come true.
Prior to January 2005, the IRS was allowing people who donated
to a qualified car donation program
to take a tax deduction based on their vehicle's market value no matter how
much or how little the vehicle sold for. Determining the market value of a
donated vehicle is often quite difficult and time-consuming, which made
determination of the amount of the tax deduction confusing. Fortunately, as a
result of the new tax law that went into effect in January 2005, the IRS has
taken the guesswork out of determining the value of your donated car, truck,
RV, boat or other vehicle.
·
We make it easy to get the maximum tax deduction for your vehicle
donation! Simply filling out
the quick form to the right (or call 1-877-431-9474) and we take care of the
rest. Your vehicle is picked up, sold, and proceeds benefit your local
Make-A-Wish®, but you also get a 100% deductible receipt.
·
If the donated vehicle is sold for less than $500, you can claim the fair market value of your vehicle up to $500
or the amount it is sold for if less than fair market value.
·
If the donated vehicle sells for more than $500, you can claim the exact amount for which the vehicle is sold.
·
In either case, you
will receive a 100% tax deductible receipt at the time that your vehicle is
sold, stating the amount of the sale.
For any vehicle sold for more than $500, the exact amount it is
sold for will be stated on your notification mailed to you, which in turn will
be your charitable tax deduction. For additional information, the IRS provides
A Donor's Guide to Car Donations (Publication
4303 linked below), which details the determination of the value of
your donated vehicle. As always, we help people donate their cars every day,
and we would be happy to help you do the same. Feel free to call us at
1-877-431-9474 with any questions you might have and one of our representatives
will help you.
How Car Donation Tax Deduction
Works
The IRS Allows
The Taxpayer To Claim A Charitable Tax Deduction As Follows:
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