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September 4, 2009, Newsletter Issue #165: Keep Careful Records for Vehicle Donations
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Tip of the Week
Getting a tax deduction for vehicle donations requires the donor to be organized and to keep good records. Make sure the charity receiving the vehicle is registered as a 501(c)3. Otheriwse you cannot get the tax write-off.
You also will need receipts from the charity. The first receipt is for the transfer of the vehicle. The receipt will include the charity's name and identification number. The second receipt is for the resale of the vehicle if it is more than $500. The receipt is provided by the charity after it sells the vehicle.
If it plans to keep a vehicle worth more than $500, it needs to provide you with a written statement on how it will use the vehicle in its work.
Before you donate your vehicle it is not a bad idea to remove the license plate, unless state law prohibits it. This will help you avoid liability problems.
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