DONATE CAR FOR TAX CREDIT NEW 2015
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.
how car donation tax deduction works
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.
The IRS allows the taxpayer to claim a charitable tax deduction as follows:
- 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.
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