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Donation of car to charity
originally posted: 11/22/2006
reposted: 2/18/2011 This post has not
been recently reviewed or revised by the author and may be out of date.
If you notice an error or are in doubt, please send a new question by
email or ask for an update. Email asktony@tonynovak.com.
Q: I have a 12 year old Acura
that has a decent book value but probably is not worth much if I sell
it. I was thinking of donating the car to a charity and taking the tax
deduction.
A: You can only take a deduction
for the amount that the car is sold for by the charity. They will
provide that verification of donation in writing on a Form 1098-C. The
higher book value or appraised market value can no longer be used for
tax purposes.
Summary
More resources:
AT- 2006-58
