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How to Claim Car Donation Deduction

February 25, 2012 | Comments: 0 | Views: 92

A used automobile donation to a certified charity may be used to cut back your taxes. However, it is important to the actual Internal Revenue Service’s guidelines for donating used cars so as to receive the right benefit to your donation.

Depending the particular amount of your claim, you might need special forms or records to be able to qualify to get a deduction. According for the IRS, when you claim a deduction of at least $250 not really in excess of $500 for the car or truck donation, a written receipt from the charity is needed. You should have received the receipt in the use of the donation. The receipt should range from the name of the non-profit organization, an account on the donated vehicle and an announcement confirming perhaps the non-profit organization gave any services or goods in exchange for any donated vehicle. This statement doesn't need to be attached to the return, however ought to be kept on your records.

For charity cars over $500, donors will require to provide the IRS with a copy B of Form 1098-C, section A of Form 8283 as well as the following information should be in order to the return: “A written acknowledgment from the charity involves a message and taxpayer identification number, the vehicle identification number, the donation date, and a statement of whether or not the charity provided any goods or services in turn for the car and, if that's the case, a description and estimate from the fair market associated with the services or goods.” Donors who donate automobile in Florida or some other state may even need to avoid wasting written evidence of the vehicle donation and also the fair market value of the auto.

For deductions in excess of than $5,000, donors need the things in the above list for deductions of more than $500 effectively as Section B of Form 8283 and an itemized statement by a qualified appraiser.

When you donate your automobile to charity, the charity must offer you an itemized acknowledgment of your respective contribution. The acknowledgment must are the name from the charity, an account of the car and a statement of one of the following:

* A statement that no services or goods were made available to you in return in your donation

* A description and value any kind of services or goods had been presented to you in turn in your donation

* A statement that this goods or services presented to you consisted entirely of intangible religious benefits

Further documentation and filing requirements may pertain to claiming a deduction to your car donation. If your contribution may be valued at in excess of $500, you might need to check along with your accountant to see the easiest way for you to contribute your car to charity.

I understand that you're a busy person, but if you have a few minutes, then I invite you to check out my website, here, and discover how you can take it a bit further.

Source: EzineArticles
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