Read the IRS Publication 526: Charitable Contributions for more information on fair market value and deductions.
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.
Read the IRS Publication 526: Charitable Contributions for more information on fair market value and deductions.
For information about determining the "fair market value" of a vehicle you can read "Publication 526 Charitable Contributions" at http://www.irs.gov/pub/irs-pdf/p526.pdf. You should read the entire publication. Be sure to read the section entitled "Contribution of Property" and a section called "Determining Fair Market Value." Another section called "Cars, boats, and aircraft" will help you in situations of donating these types of properties. Another helpful IRS document is Publication 561, entitled, "Publication 561 Determining the Value of Donated Property," located at: http://www.irs.gov/pub/irs-pdf/p561.pdf.
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