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Donate Vehicle to Charity – Will you Get The Tax Deduction your Car is Worth?
When you get ready to donate a vehicle to charity one of the big questions that comes with it, is how to go about getting a tax deduction and whether you will get the deduction that your vehicle is worth. Since IRS has changed its rules on this, it is now uncertain whether you will get the deduction that you were hoping for. Instead of taking blue book value on your car, your deduction will now equal the amount of money that your car actually sold for at auction.
It is important to understand this when you donate a vehicle to charity, some people end up disappointed that they did not get as big a deduction as they hoped for. If you would like to know more about how to donate a vehicle to charity and how the tax deduction works, Charity Dispatch would love to help you.