What does the new federal law mean for charities?
As of January 1, 2005, charities that accept donations of vehicles, trucks, boats, and airplanes — and later sell these donated items — will be subject to additional reporting requirements. Charities will be required to disclose in writing, to each donor and to the IRS, the gross proceeds raised from the sale of their donated vehicle when the vehicle is sold for $500.00 or more.
