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Re: car donation valuation - be careful on this! Posted by Bill Homer [Email] ![]() ![]() In Reply to: car donation, yaofeng, Fri, 15 Sep 2006 13:30:44 Members do not see ads below this line. - Help Keep This Site Online - Signup |
My understanding is that the US tax law for this changed at the end of the year: you formerly were able to claim the "fair market value" of the car (i.e. blue book or other), now you have to claim the actual amount the car sold for at auction - and have to have some way to track this. In your case, this would be a major difference in value. Note that you do not get this value in direct tax savings but only the value multiplied times your marginal tax rate, i.e. a third of the value or whatever.
If you are interested in pursuing this route, I'd suggest asking your accountant, one of the many organizations that accept donated cars, or perhaps someone can chime in here.
posted by 63.87.52...
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