How do i calculate the tax deduction for a vehicle donation?

Answer Find out how whether the charity will sell your vehicle to raise money, or whether it will use the vehicle to accomplish the charity's mission.Use the fair market value of the car if the charity wi... Read More »

Top Q&A For: How do i calculate the tax deduction for a vehi...

Donation Deduction Guide?

The Internal Revenue Service rewards people with tax breaks after they have donated to qualified charitable organizations during the year. Only donations made to qualifying organizations (see IRS w... Read More »

Is a vehicle donation tax deductable?

Contributing a vehicle to a charity not only represents a kind gesture, but it can also serve as a tax deduction for you, if the organization receiving the donation meets certain standards. The IRS... Read More »

How is the value of my vehicle donation determined?

Determining the value of your tax deduction for a vehicle donation is not as simple as looking up the fair market value. You must take into consideration how the charity used the vehicle.Instant Au... Read More »

Is there a tax deduction for having a vehicle repossessed?

There are no specific tax deductions if the lender repossesses your vehicle. IRS regulations treat vehicle prepossessions as a sale, and profit or loss tax rules apply. This means you may be able t... Read More »