The Car Donation Review

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Maximize Your Next Donation with These Tips

Here’s a recent article from the Coloradoan with some gotchas to watch out for and some great ways to maximize your deduction. Take this one for example:

“Only if the charity uses the car in its operations or materially improves the car before selling it will your deduction be based on the car’s fair market value at the time of the donation.”

Otherwise your deduction will only be for amount that it’s sold at auction for, which will be a lot less.

Source article: http://www.coloradoan.com/article/20111002/BUSINESS/110020322

1 Comments

  1. My husband and I were able to donate an almost fully restored Model T to Online Car Donation after reading their FAQs (http://www.onlinecardonation.com/faq.html). We took an appraised value tax deduction instead of an auction price. The response time may have been a little slower than some of these other charities, as we did have to wait a week for pickup, but I would rather wait and receive a larger deduction than be rushed into something we would regret later.

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