April 20, 2007, Newsletter Issue #53: Charity Must Notify Donor of RV's Resale Value
Tip of the Week
Donate Car For Charity Tip: When you donate an RV, the charity must notify you after reselling the vehicle. Expect an acknowledgement in the mail. The acknowledgement contains the resale amount, which will be the amount of your tax deduction.
You will need to attach the acknowledgement to your income tax forms at tax time. The document needs to contain certain information for the IRS, including:
* A certified statement that the RV was sold at arm's length between unrelated parties;
* Sales date;
* Amount of the sales proceeds;
* Statement by the charity that the donor's deduction cannot be more than the sales proceeds.
There is an exception to the rule, if the donated RV sells for $5,000 or less.
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