How much is my vehicle worth as an itemized tax deduction?
According to IRS Guidelines, you are entitled to deduct the greater of $500 or the resale price of your donation. Goodwill will provide you with documentation once your vehicle has been re-sold. If your vehicle is not re-sold, but instead entered into our Four Wheels For Work program, you may be able to deduct the Blue Book value of your vehicle. You should take several photographs of the vehicle before donating to document the car’s condition. We will also have you sign an odometer Disclosure Statement that can help verify the vehicle’s condition. Keep the photographs, your Goodwill donation receipt and your vehicle’s maintenance records for several years following the donation. We will also provide you with an IRS Form 8283 — required for all material donations with a value in excess of $500 — which must be attached to your tax return (See Tax Advantage for more information).
