April 7, 2006, Newsletter Issue #9: Itemize on Schedule A for a tax deduction for your car donation.
Tip of the Week
Donating cars is an effective way to give to charity. However, many taxpayers can’t take a deduction for car donations because they don’t itemize deductions on their personal tax return. Of course, many other donors are not interested in the tax deduction and just want their old car moved out and used for a good purpose. But if you ARE interested in the tax deduction when you donate a car, you should understand that in order to obtain it, you must itemize your deductions and not just go with the standard deduction. The decision to itemize on Schedule A of Form 1040 is determined by whether their total itemized deductions are greater than the standard deduction.
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