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How will the value of my vehicle be determined for tax purposes?

April 26, 2017purposes tax value vehicle

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How will the value of my vehicle be determined for tax purposes?

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As of January 1, 2005 the IRS has taken the guesswork out of determining the value of your vehicle for tax purposes. If your vehicle sells for less than $500 you can claim the fair market value of your vehicle up to $499. If your vehicle sells for more than $500 you can deduct the actual sale price of your vehicle. Auto-Donation.com will provide you with a receipt after your vehicle is sold.