Donate a TOAD for tax write write off
Got a 1998 Chevy venture I've rigged for 4 wheels on the ground tow behind. Got the remco lube pump, sterling tow bar, break buddy, earring etc. We are the OE just don't need anymore and it'...
Forum Discussion
Gift of Vehicles
Vehicles include cars, trucks, recreational vehicles, boats and airplanes. Each item has a state document of title. Normally, the donor endorses the document of title. It is also desirable to have a second letter or deed of gift to document the intent of the donor to make an irrevocable transfer to charity or to a charitable trust.
The document of transfer should indicate the year, make, model and mileage for a car, truck or RV, the condition of the body, and general mechanical condition. It also is desirable to have a photo of the vehicle that shows the condition.
Certain procedures must now be followed in order to receive a deduction for the value of a used vehicle. The donor must receive a written acknowledgment of the contribution from the donee organization. The acknowledgment must include the name and taxpayer identification number of the donor and the vehicle identification number. Should the donee organization sell the vehicle without any intervening use or improvement of the vehicle, a certification stating that the vehicle was sold in an arm's length transaction between unrelated parties, the gross proceeds from the sale, and a statement that the deductible amount may not exceed the amount of such gross proceeds is also required to be furnished by the donee to the donor in order to receive the deduction for the vehicle donation. Form 1098-C may be filled out with this information and sent to the donor. Form 1098-C (or another qualifying statement) must be received by the donor within 30 days of the sale of the vehicle. However, different requirements exist if the donee organization makes an intervening use or serious improvements to the vehicle prior to the sale or the donee organization sells or gives the vehicle to a needy individual. If the donee organization makes an intervening use or serious improvement to the vehicle, Sec. 170(f)(12)(B)(iv) requires a certification of the intended use or improvement of the vehicle and the intended duration of the use, and a certification that the vehicle would not be transferred in exchange for money, other property, or services before completion of its use or improvement. If the vehicle is sold for $500 or less, the donor may deduct the lesser of the vehicle's fair market value or $500. If the donee organization sells or gives the vehicle to a needy individual, the donor may deduct up to the vehicle's fair market value.
Vehicles include cars, trucks, recreational vehicles, boats and airplanes. Each item has a state document of title. Normally, the donor endorses the document of title. It is also desirable to have a second letter or deed of gift to document the intent of the donor to make an irrevocable transfer to charity or to a charitable trust.
The document of transfer should indicate the year, make, model and mileage for a car, truck or RV, the condition of the body, and general mechanical condition. It also is desirable to have a photo of the vehicle that shows the condition.
Certain procedures must now be followed in order to receive a deduction for the value of a used vehicle. The donor must receive a written acknowledgment of the contribution from the donee organization. The acknowledgment must include the name and taxpayer identification number of the donor and the vehicle identification number. Should the donee organization sell the vehicle without any intervening use or improvement of the vehicle, a certification stating that the vehicle was sold in an arm's length transaction between unrelated parties, the gross proceeds from the sale, and a statement that the deductible amount may not exceed the amount of such gross proceeds is also required to be furnished by the donee to the donor in order to receive the deduction for the vehicle donation. Form 1098-C may be filled out with this information and sent to the donor. Form 1098-C (or another qualifying statement) must be received by the donor within 30 days of the sale of the vehicle. However, different requirements exist if the donee organization makes an intervening use or serious improvements to the vehicle prior to the sale or the donee organization sells or gives the vehicle to a needy individual. If the donee organization makes an intervening use or serious improvement to the vehicle, Sec. 170(f)(12)(B)(iv) requires a certification of the intended use or improvement of the vehicle and the intended duration of the use, and a certification that the vehicle would not be transferred in exchange for money, other property, or services before completion of its use or improvement. If the vehicle is sold for $500 or less, the donor may deduct the lesser of the vehicle's fair market value or $500. If the donee organization sells or gives the vehicle to a needy individual, the donor may deduct up to the vehicle's fair market value.
