What are the tax benefits of donating my car to an Opportunity Cars program?
If your car can be repaired and provided to a family you can deduct the fair market value as a charitable contribution provided you file an itemized federal income tax return (refer to IRS Bulletin 2005-25). In some states, other tax benefits may be available. If you have specific questions about how a car donation will affect your tax liability, you should consult an accountant or other tax professional. To determine your vehicle’s fair market you may want to consult Kelly Blue Book or NADA Guides.
