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The article has been updated successfully but requires approval before it is published.Last Updated 31st of May, 2010
How can I get tax write off for car donation?
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Get a Tax Write Off for Your Car Donation
For a car donation to be tax deductible, you must get a receipt for the vehicle donation from a qualified charity. For a charity to qualify, it has to have 501(c)(3) status.You may deduct either:
- The price the charity was able to sell the car for, usually at auction, or
- The value of your car, up to $500.
Before you begin the donate car process, you might look up its actual value and ask the charity if they will auction it. This might help you see whether it’s worthwhile to donate a car, or if you’d rather sell it. Car donations are usually a good bet for otherwise junked cars that are just sitting in your driveway or garage.
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