IRS Rules for Vehicle Donation
= September 9, 2005, 11:20 am
Author = kAREN cAMPESE
Industry = Non
Summary = The new IRS rules have changed the amount people can deduct
for their car donations.
Body = The new IRS rules for vehicle donation went into effect January
1, 2005. “The new rules have significantly changed the amount
most donors can deduct for their car donation”, according
to Karen Campese, CEO of cars4charities, a national non-profit car
donation center. “The old law allowed the donor to deduct
the fair market value of their car as determined by a pricing guide
such as the
Kelley Blue Book”, says Campese. “Now, people who donate
older, less valuable cars can deduct up to $500. Those who donate
more valuable cars can deduct the amount the charity sells the car
for. In order to guarantee the donor the best tax deduction possible
cars4charities now sets a minimum selling price on better vehicles.”
For more information
on car donation, call cars4charities at 1-866-448-3487 or log onto
their website www.cars4charities.org .
Web Site = http://www.cars4charities.org/
= Karen Campese
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