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WEKA TANGAZO
In the old tax laws, anyone who donate their cars to the charity organization will be qualified for the tax deduction that is equivalent to your car’s fair market value. The problem is that many donors become greedy and deduct the MSRP of the car instead of the fair market value which causes the government to introduces a new tax law.
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The new tax laws that was reinstated in 2005 allows the donor to claim the fair market value if the charity organization decides to use the car for their charity work. If your charity is using the car for charity purposes and not selling it, you can refer to the Consumer Reports Used Car Price Reports to find out the estimated fair market value. However, if the charity sells the car, you will get to deduct the tax that is a portion of the sale amount. For example, if your car worth $3,000 and the charity sells your car at the auction for $2,500, you get a tax deduction of $700 provided that your tax bracket is 28%. you will only be able to claim the tax deduction after the charity organization has already resell it.
WEKA TANGAZO
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The new tax laws that was reinstated in 2005 allows the donor to claim the fair market value if the charity organization decides to use the car for their charity work. If your charity is using the car for charity purposes and not selling it, you can refer to the Consumer Reports Used Car Price Reports to find out the estimated fair market value. However, if the charity sells the car, you will get to deduct the tax that is a portion of the sale amount. For example, if your car worth $3,000 and the charity sells your car at the auction for $2,500, you get a tax deduction of $700 provided that your tax bracket is 28%. you will only be able to claim the tax deduction after the charity organization has already resell it.
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