Need a tax write off?

http://www.google.com/search?q=car+donation+charity&rls=com.microsoft:en-us&ie=UTF-8&oe=UTF-8&startIndex=&startPage=1&rlz=

I heard an ad for one on the radio this week. In years past you could assign a value to the car donation based on blue book. I "think" now you get a certificate for the donation, then the car typically goes to auction, and you then get a receipt for the actual amount it sold for. Check with the particular group you are working with and maybe a tax expert.

^ I understand the same thing.

__________________
83 SD

84 CD

I thought this was a thread about a Rolls that needs a home....

__________________
"It's normal for these things to empty your wallet and break your heart in the process."
2012 SLK 350
1987 420 SEL

You are correct in your thinking. This has been the Govt's position since 2005.

IRS Reminds Taxpayers About Requirement of Written Acknowledgment for Donated Cars

IR-2005-149, Dec. 22, 2005

WASHINGTON — Internal Revenue Service officials today reminded taxpayers that they must obtain a charity’s written acknowledgment of their vehicle donation before they claim a deduction for the donation. For deductions of more than $500, the taxpayer is required to attach the acknowledgment to the taxpayer’s return for the year of the donation.

Effective for vehicles donated to charity on or after January 1, 2005, the American Jobs Creation Act of 2004 provides that, generally, a taxpayer’s deduction is limited to the gross proceeds from the sale of the vehicle by the charity. The charity must provide a written acknowledgment within 30 days after the vehicle is sold that notifies the taxpayer of the amount of the gross sales proceeds.

The IRS is aware that questions have arisen as to whether the charity must sell the vehicle in 2005 in order for the donor who donated a vehicle in 2005 to receive a deduction for 2005. The charity does not need to sell the vehicle in 2005. A taxpayer can take a charitable contribution deduction only for the year the vehicle is transferred to the charity, even if the vehicle is not sold by the charity until a later year. (Only taxpayers who itemize their deductions can take a charitable contribution deduction.)

However, a taxpayer cannot take a charitable contribution deduction of $500 or more for a vehicle donation unless the taxpayer has received a written acknowledgment of the donation from the charity and attached the acknowledgment to the return.

If the taxpayer receives the written acknowledgment after filing the tax return for the year of the donation, the taxpayer may, after receiving the acknowledgment, file an amended return for that year and claim the deduction on the amended return. The taxpayer must attach the acknowledgment to the amended return.

Link with other IRS releases on point.
http://www.irs.gov/irs/article/0,,id=152127,00.html


edit: this requirement (attaching the acknowledgement) would preclude electronic filing of a return...paper mailing only.

Cracking up..

Attached Thumbnails

 

You can also donate here: www.powerpigneedsanewferrari.com

__________________
99 ML320
94 SL600
92 SL500
95 E320 Cabriolet
87 560SEC
86 300SDL Grease Car
80 380SLC Euro

13 Fiat Abarth
02 Maserati Spyder Cambiocorsa
00 BMW Z3
90 Rolls Royce Silver Spur
80 Ferrari 308 GTSI
88 Jaguar XJS12 H&E Edition
99 Land Rover Discovery

By the time I would donate a car it isn't worth more than $500 anyway. I have "gifted" several cars to people in need but have never done a donation for the tax writeoff. I have 7 kids...I have plenty of writeoffs.

__________________
2002 Ford ZX2
2 x 2013 Honda Civics

I'll probably donate my POS jeep at some point this year. It would be a hassle to sell and I don't want to give it to my kids because it's inherently unstable.