Is an Appraisal Necessary When Donating a Vehicle?
The need for an appraisal when donating a vehicle, would depend upon the circumstances. Under current IRS guidelines (at the time of this writing), when a private party makes a donation of a vehicle valued at $5,000.00 or more, there are several requirements including but not limited to: • Obtaining a written appraisal by a qualified appraiser • The appraisal be prepared no less than 60 days before the contribution • The maximum deduction allowed is the vehicle’s “Fair Market Value” • The charity is a qualified organization • Your deduction cannot exceed 50% of your gross Income Note that “Fair Market Value” may be considerably less than “Book Value”. While not mandatory, an appraisal of a donated vehicle valued at less than $5,000.00 is considered prudent. For additional information in this regard you may wish to visit: http://www.irs.gov/pub/irs-tege/pub4303.pdf NOTE: Auto Damage Experts does not provide legal or financial advice and suggest that should such counsel be desired that t
