I know IRS wants $ amounts. I insisted in getting some $ evaluation from the charity, or a disclosure of the price the car has been auctioned for, but this organization stands firm. They say they can only confirm my donation without getting into the financial aspect. They advised me to discuss the issue "with my accountant". I do not have one and I don't think it is worth spending extra money just for clarifying this issue.
2007-02-07 08:03:30 · 7 answers · asked by lllumina 1 in Business & Finance ➔ Taxes ➔ United States
If the value of the car is greater than $500, the charity MUST send you a 1098C describing what they did with the car. If they sold it (with only minor repairs) or junked it, you may claim only what the charity received. If they gave it to a needy person (or sold it to a needy person below market), you may claim the fair market value in a private party sale. Try www.kbb.com for these values. There are a couple of other possibilities (depending on what the charity does with the car), but those are the main ones.
2007-02-07 08:41:49 · answer #1 · answered by CarVolunteer 6 · 0⤊ 0⤋
youre supposed to deduct the fair market value of the car, or what a willing buyer would pay for it. this may be alot less than the blue book value if the car needed extensive repairs.
if the value is over $5,000, then you would need a written appraisal.
this pamphlet will give you answers to all your questions. there is a list of qualified charitable organizations and there is even a phone number to complain about charities.
http://www.irs.gov/pub/irs-tege/pub4303.pdf
2007-02-08 05:26:07 · answer #2 · answered by tma 6 · 0⤊ 0⤋
Look the value of the car up on line. There are many places, and used the retail value of the car for your deduction. Keep print out of the site and the receipt from the non-profit. You should be covered but with the IRS you never know.
2007-02-07 16:08:05 · answer #3 · answered by Anonymous · 0⤊ 2⤋
Kelly Blue Book
2007-02-07 16:11:32 · answer #4 · answered by rjrmpk 6 · 1⤊ 2⤋
If they didn't tell you how much they realized on the sale of the donated vehicle, you get no deduction at all. Keep this in mind when making future gifts to this charity -- at the very least, don't donate any vehicles to them in the future!
2007-02-07 16:11:01 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 1⤋
get a blue book or go to the blue books site. they list the value of all model cars by the years and condition. then you can put in your amount
2007-02-07 16:11:25 · answer #6 · answered by Wicked 7 · 1⤊ 2⤋
Maybe try looking up the blue book value.
2007-02-07 16:10:58 · answer #7 · answered by Sunidaze 7 · 0⤊ 2⤋