What does the new federal law mean for donors?
The law will not affect donors who do not itemize on their taxes. Donors who do itemize their taxes will no longer carry the burden of determining the deductible value of their donation. Instead, they will receive a verifiable written receipt from the charity, which will document the gross proceeds raised from the sale of each donated item. Donors will have the option of claiming the sales price or choosing a minimum alternative amount not to exceed $500.00. Donors are encouraged to speak to their tax advisors.
The law will not affect donors who do not itemize on their taxes. Donors who do itemize their taxes will no longer carry the burden of determining the value for their donation. Instead, they will receive a verifiable written receipt from the charity, which will document the gross proceeds of the donated vehicle valued at $500.00 or more. Donors are encouraged to speak to their tax advisors for more information.
