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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12689
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I am interested in donating a "vintage" car (1972 Taurus sta

Resolved Question:

I am interested in donating a "vintage" car (1972 Taurus station wagon) - what donating options besides Goodwill and what do I need to know. Thanks JD
Submitted: 2 years ago.
Category: Tax
Expert:  Megan C replied 2 years ago.
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

You could donate the car to any 501 (c) (3) organization that will take the car. Generally, the charity will take the car and then sell it and use the proceeds.

You can only claim a deduction of $500 without submitting proof of the value of the vehicle to the IRS. The amount you can claim is no longer the fair market value, but the amount of money the company sells the car for. They must submit to you proof of how much they sold the car for, and you would include a copy of that proof with your tax return when you claim the deduction.

There is an exception; if you donate the car to a charity and they use that car to further their purpose, then you can write off the fair market value. For example you could give to 1-800-Charity Cars. This charity takes the car, fixes it up, and then gives it to the economically disadvantage.

So, to claim full fair market value you would need to give it to a charity that uses the cars directly to promote their mission.

Here's a great article about this subject. ARTICLE

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Customer: replied 2 years ago.
, Re: my answer to the car donation issue. Thanks for the information - very informative and helpful! However , I am puzzled by your statement: "sorry about your tax issue" - what did you mean by that? I am aware of the taxing involved but issue? Thanks! JD
Expert:  Megan C replied 2 years ago.
That's a standard greeting I use on everything.

8 times out of 10 someone is contacting us because they've received a letter from the IRS, they are worried, or something to that effect. I have a habit of jumping right in and working the issue, so to increase customer satisfaction I included standard language on each post. I don't actually type that first line - it just comes up automatically.

You're one of the lucky 2 out of 10 that just has a question on how to properly account for something.

Sorry about the confusion!

If this helped, then rate my service as "excellent" so that I can be compensated for assisting you today. Otherwise, click "reply" or "continue conversation" for continued dialog with me.

VERY IMPORTANT - IF you are having DIFFICULTY RATING, please let me know IMMEDIATELY. If you don't rate my response, I don't get paid even though your deposit is retained by the site. Thanks for your cooperation in this matter.
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12689
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 4 other Tax Specialists are ready to help you

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