I donated a vehicle to a friend of mine and I'm wondering how to I claim it on my taxes?? I'm useing turbotax.
2007-03-03 15:35:13 · 4 answers · asked by Benjo 2 in Business & Finance ➔ Taxes ➔ United States
You don't. A donation is only deductible if it's made to a charitable organization that's recognized by the IRS - and even then, if the donation is specified to go to a particular person, it would not be deductible even if it was given through a 501(c)3 charitable organization. Giving something to a friend, or any other individual, is NOT tax deductible.
2007-03-03 15:40:58 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
You get no deduction for donating a vehicle to a friend.
2007-03-03 16:27:47 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Judy and Bostonian are right. I will just add that I am a volunteer in a car donation program, and we get several requests a year to "help" with such a transaction. We turn them down to protect our program.
2007-03-04 06:27:56 · answer #3 · answered by CarVolunteer 6 · 0⤊ 0⤋
You need a receipt from the place you donated it to.
2007-03-03 15:39:02 · answer #4 · answered by Jerry C 2 · 0⤊ 3⤋