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A: The IRS allows you, the taxpayer, to claim a tax
deduction of (a) the value of your vehicle up to $500 or (b)
if we sell the vehicle for more than $500 we will mail you a
postcard with that value for your tax purposes.
Forms needed:
- 2007
Form 1098-C
- Form 8283, Noncash Charitable Contributions (PDF)
- Instructions for Form 8283, Noncash Charitable
Contributions (PDF)
For additional information, the IRS provides a Donor's Guide
to Car Donations which sets forth the manner in which the IRS
requires you to determine the value of your donated property.
Here is a link to
IRS
Publication 4303 — A Donor’s Guide to Car Donations. You
need Adobe Reader to view this file -
click here to download the free Reader.
IRS Website reference page:
http://www.irs.gov/newsroom/article/0,,id=136939,00.html
Please feel free to contact us with any further questions you
may have |