Itemize your tax deductions to get the tax benefit from your vehicle donation.
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.
Itemize your tax deductions to get the tax benefit from your vehicle donation.
You can deduct contributions to charity only if you itemize deductions on your Schedule A of Form 1040. You must take into account certain limitations on charitable contribution deductions. For example, your deduction cannot exceed 50% of your adjusted gross income. Other limitations may apply. Publication 526, Charitable Contributions, provides detailed information on claiming deductions and the deduction limits. It also describes the types of organizations that are qualified to receive tax deductible contributions. Publication 526 is available online at www.irs.gov or by calling (800) 829-3676 (toll-free).
| Guru Spotlight |
| Patricia Walters-Fischer |
