What are legal guidelines for IRS vehicle donation tax deductions?
“As tax payers plan their charitable giving, donors should understand the way that the American Jobs Creation Act of 2004 will alter the rules for the contribution of used motor vehicles after Dec. 31 2004. “In 2005, if the claimed value of the donated motor vehicle exceeds $500 and the item is sold by the charitable organization the taxpayer is limited to the gross proceeds from the sale. “Under the new 2005 rules, the charitable organization must provide an acknowledgement to the donor within 30 days of the sale stating the amount of gross proceeds.” (To view this article in full, see Publication 4302, “A Donor’s Guide to Vehicle Donations”.) The Center for Living and Learning is a 501(c)3 charity. Our charitable tax ID is 95-4406897. The IRS can be called at 877-829-5500 for more information. Donors with questions about whether a contribution is tax deductible should call the IRS at 1-800-829-1040 or, for TTY/TDD help, 1-800-829-4059.
