Auto Donations - The IRS advises that taxpayers contemplating auto donations ask many questions and carefully consider just how much of the proceeds from their auto will go to their intended charity. A recent federal study indicates that in many instances such vehicle contributions may help the intended charities far less than taxpayers. IThe IRS reported that a California study revealed that 80% of charities contracting with fundraisers to run their car donation program received less than 60 c for every dollar value of the car donation
The IRS advises that, before making an auto donation, you make sure that the organization is qualified, that you speak directly to the charity, and that you examine state filings for more information.
To take advantage of the deduction, you must itemize your deductions on your tax returns, deduct only the car's fair market value, and document the charitable car donation.
If you found this information useful please help this site to keep going by making a small donation, Many thanks
