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What are the IRS vehicle donation tax deduction guidelines?

April 26, 2017donation guidelines IRS tax deduction vehicle

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What are the IRS vehicle donation tax deduction guidelines?

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A. The new IRS laws effective 01/01/2005 allows you, the taxpayer, to claim a tax deduction of: (a) the value of your vehicle up to $500 or (b) if we sell the vehicle for more than $500 we will mail you a completed IRS tax form 1098-C with that value for your tax purposes. For additional information, the IRS provides a Donor’s Guide to Car Donations which sets forth the manner in which the IRS requires you to determine the value of your donated property. For more details, please visit IRS website and review publication 4303 – A Donor’s Guide to Car Donations & also consult with a tax advisor.