Class A restore bad idea
Well I got all excited to get my elderly nieghbors 1995 Air Stream Land Yacht, 35'WB, cummins, 20K miles, for $5K. It has been sitting for 8 Years uncovered, and was thinking I could just clean it up,...
Forum Discussion
msmith1199 wrote:
For your neighbors this may be a good RV to donate to one of those charities that takes old vehicles as sells them for scrap. They can value it based on NADA values and maybe make more money with a tax write off than they can by selling it.
NADA value of donation does NOT matter to IRS anymore. Current law is the dollar value you can write off on taxes is what the charity SELLS the vehicle for. If a NADA $9,000 vehicle sells for $1000, your IRS allowed amount is $1000.
Amount Written Off
If the donated car sells for less than $500, the nonprofit is not obligated to provide a receipt with the full resale value. It only provides a receipt stating that the car was sold on the organization's behalf. It is up to the donor to determine the fair market value, as long as the car is less than $500.
If the car resells for more than $500, the nonprofit must provide a receipt for the value of the sale. You can write off the entire amount of the receipt from the nonprofit.
