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5 users commented in " Help Us Help You with Car Donations "
Follow-up comment rss or Leave a TrackbackWe’ve got a vote for Houston Charity Center, http://www.houstoncharitycenter.org/donate-car.html
Initially they look very promising. They actually fix up the cars themselves and then resell them. This gives the donor a much larger deduction, while the charity gets a bigger contribution; it looks like a win/win.
I’ll report back with a full review when i have more info on the their donation program.
Hello,
I am wondering about the process to “write off” my donated vehicle on my taxes. There is an entire publication through the IRS which talks about this process and they keep refering to Fair Market Value and how this number may not be issued by the donantion organization (conflict of interest) but rather I should have a clear indication of the vehicles worth. So here is my issue…on Kelly Blue book the value is roughly $2600.00 in good condition and I have not yet donated my vehicle. Which value is best suggested to use when writing off the FMV. The value provided by the donation organization or KBB. Also once the vehicle is gone how do you prove the condition and FMV to lets say the IRS if they come knocking. Any advice you can provide would be helpful at this time.
-Nervous
Hi Nervous,
It mostly depends on what the charity does with the vehicle. If they sell it, the deduction is the gross proceeds that the organization got from the sale. And the charity needs to send you the sale information no later than 30 days following the sale of the vehicle, usually form 1098C; which you should attach to your return.
If they’re not going to sell it, you need to get a written acknowledgment from the charity stating this, which you will attach with your tax return, along with form 8283 section a. The fair market value needs to be exactly that. What are vehicles of the same make, model, and condition being sold for. If the calculation factors in mileage, vehicle options, and any repairs that the vehicle needs; then you should be in good shape. As always it’s a good idea to consult a tax professional if you’re unsure.
This IRS publication has all the filing requirements, depending on the value and what the charity does with the car, http://www.irs.gov/pub/irs-pdf/p4303.pdf.
I think you’re doing a great thing and I hope the tax forms don’t scare you away from making that donation.
Thanks!
James
Hi!
I’m curious about an On-line car donation service called “DonateACar.org”.
I filled out their form but when they called (I wasn’t home) the number on the caller ID listed them as “Peak Petroleum”. A quick web search listed them as a Nigerian Oil company. My scam radar is blinking!
Anyone heard of them?
Regards,
Glenn
Here’s what i got from the BBB for the company that owns donate-a-car.org. It looks like they’re a middle man for charities that can’t process car donations themselves.
Company Profile
Vehicle Donation Processing Center, Inc.
Address: 626 South Primrose Avenue
Monrovia, CA 91016
Tel: (800) 553-3018
Fax: (626) 357-7894
Web Site: http://www.donatecarusa.com
Contact: John Learned – President
Business Start Date: 7/1/1996
Company ID: 13117580
Nature of Business:
This company’s business is a processing agent for charities seeking vehicular donations.
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