October 27, 2006, Newsletter Issue #31: Take the condition of the vehicle into account when valuing the car donation.

Tip of the Week

Your tax consultant may assist you in deciding how to value your car donation, but you - the donor - and not the recipient charity, are required by the IRS to be the sole party responsible for determining what the IRS calls the "fair market value" of your car donation, taking into full consideration its condition at the time of donation. Most vehicle donation programs or a good car donation charity will assist you with this. When making car donations for charity, it is very important point to be accurate and fair in assigning a value to your vehicle; do not inflate the value you claim as a tax deduction.

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.

Not finding the advice and tips you need on this Car Donation Tip Site? Request a Tip Now!


Guru Spotlight
Barbara Gibson