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February 20, 2009, Newsletter Issue #143: Special rules about tax deductions for car donations took effect January 1, 2005.
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Tip of the Week
Qualified organizations that receive vehicle donations after December 31, 2004, must give the donor a written acknowledgement of the donation if the claimed value of the donated vehicle is more than $500. The acknowledgement must include the donor's name and taxpayer identification number (TIN), the vehicle identification number (VIN), a statement certifying the organization sold the car in an “arm's length” transaction between unrelated parties, the gross proceeds from the sale, a statement that the donor's charitable contribution deduction may not be more than the gross proceeds from the sale, and the date of the contribution. This acknowledgement must be provided within 30 days of the sale of the car. The organization also must provide this information to the IRS.
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