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Jeffrey A Campbell CPA

Vehicle_Donations                

 
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Vehicle Donations

The IRS recommends that persons who are considering donating a vehicle to charity take the following steps:

  1. Check that the organization is qualified by searching Pub. 78.
  2. Contact the charity to be sure that the contribution will be used for the charitable purpose intended.
  3. Review the organization's state registration and financial documents, which are typically filed with the Attorney General or Secretary of State's office.
  4. Take relevant factors (mileage, accessories, etc.) into account in establishing the car's Fair Market Value (FMV).
  5. Deduct only the FMV.
  6. Document the car donation and FMV.
  7. Contact state charity or IRS officials when in doubt.

(News Release IR-2003-139, Dec 15, 2003)

 

 

 

 

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