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June 12, 2009, Newsletter Issue #153: Figuring Your Tax Deduction for a Donated RV
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Tip of the Week
There usually is not much guesswork in calculating the tax deduction for your donated RV, which often happens with car donations.
Why? Because IRS rules on figuring the tax deduction for a donated vehicle are based on how the charity uses the donation.
If the charity sells the vehicle for proceeds -- which often happens with RVs -- the donor must use the resale amount as his/her tax deduction.
Donated RVs, including campers, trailers and motor homes, typically are sold by charities, which do not have use for them in their programs and services.
But there are exceptions, in the rare situations where the charity keeps and uses the RV donation to further its charitable mission.
The RV donor then has to figure the price, based on fair market value and the RV's condition.
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