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Fair market value is no longer the de facto standard for valuing a vehicle donation. Know when to use it, and when to get more information from the charity.Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Car Donation Tax Deduction and other Car Donation topics. Fair market value is no longer the de facto standard for valuing a vehicle donation. Know when to use it, and when to get more information from the charity.Under new car donation IRS rules, you can only deduct up to the value for which a charity sells the donated vehicle, unless the charity keeps and uses the vehicle, or makes material improvements to the vehicle before selling it. Find out whether the charity will be retaining and using the vehicle, or making improvements to the vehicle before re-selling it. If so, use fair market value. If not, then the charity will provide you with and accounting of the price at which it sold the vehicle, and you can deduct that amount from your annual federal taxes. |
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