May 16, 2008, Newsletter Issue #104: Keep in Mind Tax Filing Deadlines When Donating a Vehicle

Tip of the Week

Donate Car For Charity Tip: The best thing about vehicle donations is you can make them anytime, from just about anywhere in the United States.
If you plan to take a tax deduction when you donate your vehicle, give yourself plenty of time to make the transfer and collect required documents.
The bottom line is: Allow yourself time to complete the process in the tax year for which you want the write-off.
Typically, a charity can collect your vehicle within two weeks after you complete an application form. Some can do it in a few days. Many major charities -- or the fundraisers that represent them -- have large outreach programs that enable them to collect from just about any town.
Leave time to find your vehicle title, or replace a lost one. Your local department of motor vehicles may take two to three weeks to mail you a new title. If your vehicle is worth more than $5,000, you may be required to get an appraisal shortly before the transfer. You cannot use an old appraisal.
After you make the vehicle donation, the charity likely will sell it. You will need a written acknowledgement of the sale to attach to your income tax forms, if the car is valued at more than $500. The charity is responsible for sending you an acknowledgement in 30 days after it resells the car.

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