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Used Car Donation Changes in the IRS

By: Arturo R

If your car seems to need repairs that are costly every few months, maybe it is time to think about replacing it. Giving your used car donation is a great way to take care of an old car you no longer need or want. There are many used car donation organizations that will be happy to take your aging car off your hands.

A used car donation can eliminate problems of trying to sell your old car, such as being stood up for appointments on a Sunday afternoon, or having to field numerous calls about the car at your home. A used car donation can make getting rid of your old, used car easy and convenient as well as provide a charitable donation write off for your taxes.

As in any �too good to be true� endeavor, many people took advantage of the ability to write off a used car donation. Instead of using the price at fair market value, many people claimed the full retail price instead of the fair market value. That is far more money than the IRS intended anyone should make on a used car donation. What began to happen with used car donation, was the government was losing tax revenue in the millions.

The IRS has changed the rules. Now, if you think your car is valued at more than $500, the deduction you are allowed is limited to the actual selling price of the used car donation from the charity. The person who is giving used car donation has to add a statement of sale on their tax returns so that they may receive the deduction.

The charity where you made used car donation has to provide you with this statement within thirty days of the donation. You no longer are entitled to know what the deduction amount will be, before used car donation.

Don�t let these new rules change your mind about giving used car donation. The system isn�t perfect, but that doesn�t mean that there aren�t people who are benefiting from used car donation. Giving a used car donation is still far easier than trying to sell your car yourself, so before you make any final decisions about what to do with your old car, research used car donations.

Article Source: http://www.gcyarticles.com

Want to know more about Used Car Donations?, feel free to visit us at: www.car-donation-land.info/Used-Car-Donation.html

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