New IRS Rules for Vehicle Donation
The new IRS rules for vehicle donation went into effect January
1, 2005. “The new rules have significantly changed the amount
most donors can deduct for their car donation”, according to
Karen Campese, CEO of cars4charities, a national non-profit car
donation center. “The old law allowed the donor to deduct the
fair market value of their car as determined by a pricing guide
such as the Kelley Blue Book”, says Campese. “Now, people who
donate older, less valuable cars can deduct up to $500. Those
who donate more valuable cars can deduct the amount the charity
sells the car for. In order to guarantee the donor the best tax
deduction possible cars4charities now sets a minimum selling
price on better vehicles.”
For more information on car donation, call cars4charities at
1-866-448-3487 or log onto their website www.cars4charities.org .
