If you’re seeking a deduction greater than $5,000 and the car will be used in the charity’s programs, you’ll also need an appraisal from a qualified appraiser.
While things are simpler for a deduction of $500 or less, you’ll still need to obtain a proper written acknowledgement from the charity if you want to deduct $250 or more.
These IRS publications can help,
- IRS Publication 4303, A Donor’s Guide to Vehicle Donations, spells out the rules and the steps to qualify for an itemized deduction.
- IRS Publication 561, Determining the Value of Donated Property.
- IRS Publication 4302, A Charity’s Guide to Vehicle Donations, spells out the acknowledgement, disclosure and other rules related to the charity side of a vehicle donation.
Posted in: Car Donations