Monday, June 6, 2011

Car Donation Tax Law

So you are looking eh donate your car to charity and get a tax deduction? Now, in 2005 there were laws enacted by the car donation new government, which has made ​​it difficult for a donor to claim a deduction.

It has a lot of confusion in this area have some people give these kinds of gifts from the left, but interestingly enough, the government decided that the new law has done little to curb abuses.

ThisMind when you choose to give a discount for this time of giving, this is a machine, so make sure you follow the rules so that you are the boss and audited by the IRS not to do so.

Many people have difficulty understanding the new rules, so I'm going to try to break them in simple terms for the time being. Basically you can use to determine the fair market value of your deduction. If your car is worth more than five hundredDollars have to wait to sell the love of the car and let you know how the auction.

If your car is worth less than five hundred dollars, you can still use the fair market value (FMV). There are some circumstances, if appropriate, the fair market value as if the love keeps the vehicle for their charity and sell them as a discount to those in need, you can.

No comments:

Post a Comment