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.
Your tax consultant may assist you in deciding how to value your car donation, but you - the donor - and not the recipient charity, are required by the IRS to be the sole party responsible for determining what the IRS calls the "fair market value" of your car donation, taking into full consideration its condition at the time of donation. Most vehicle donation programs or a good car donation charity will assist you with this. When making car donations for charity, it is very important point to be accurate and fair in assigning a value to your vehicle; do not inflate the value you claim as a tax deduction.
|Jennifer Mathes, Ph.D.|