Vehicle Donations
Home Up Business Telephone Excise Tax Credit Individual Telephone Excise Tax Credit §179 Deduction Health Savings Accounts 2005 Retirement Plan Limits §199 Manufacturer Kiddie Tax Alternative Minimum Tax Capital Gains and Qualified Divi ROTH Designated §401 §179 And SUV's 2005 Standard Deduction Optional Sales Tax Deduction Vehicle Donations

 

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Business Telephone Excise Tax Credit
Individual Telephone Excise Tax Credit
§179 Deduction
Health Savings Accounts
2005 Retirement Plan Limits
§199 Manufacturer
Kiddie Tax
Alternative Minimum Tax
Capital Gains and Qualified Divi
ROTH Designated §401
§179 And SUV's
2005 Standard Deduction
Optional Sales Tax Deduction
Vehicle Donations

 

 

Donation of Vehicles to Charity

Beginning in 2005, the charitable deduction you obtain for donating your car, boat or airplane to charity depends upon the use of the vehicle by the charity.  If the charity sells the donated vehicle, then the donation allowed the donor shall not exceed the gross proceeds received from the sale.  As is the case for all donations of $250 or more, the donor must receive an acknowledgement of the donation from the charity.  For covered vehicles, this acknowledgement must contain:

    ● Name and address of the donor,
    ● Vehicle identification number,
    ● If sold, then the gross proceeds of the sale
    ● If not sold, then a certification of the intended use and duration of such use.

The charity must notify IRS of the information contained in the acknowledgement.