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Make sure the charity you donate your car to is an IRS tax-exempt organization. Estimate the fair market value of your car using a used-car guide such as the Kelley Blue Book. If the charity is going to sell the car, your deduction is limited to the sale price, even if it’s below the market value.
You donate a used car in poor condition to a local high school for use by students studying car repair. A used car guide shows the dealer retail value for this type of car in poor condition is $1,600.
The tax deduction you receive for donations to charities is based on the fair market values of the items donated. Here's a guide to check the values.
If the car is worth less than $500, you can claim its fair market value (FMV). If the car is worth $500 or more and the charity intends to use the vehicle in its operations, you can deduct the...
If your vehicle sells for $500 or less, you can deduct the “fair market value” of your vehicle, up to $500. How do I figure out the fair market value of my car? The following websites can help you calculate your vehicle’s fair market value.
When considering whether you want to sell your vehicle or donate it, one of the biggest factors is your car donation’s value, or tax deduction amount. Don’t worry! This is a very common concern, and the following article will help explain what you can expect as a car donation value for your old car. In addition, there is a list of certain ...
If you own a car that you don’t need and you have a tax bill you’d like to reduce, consider doing good by donating your car to charity. You’ll get extra space in your garage and a tax deduction, too.
Wondering how much your used car is worth? Knowing the fair market value of your donated car will determine the amount of your contribution and the tax deduction you can claim.
To calculate the fair market value of your car, start with its book value. Services like Kelly Blue Book offer online calculators that help assess the book value of your car. This is a good place to get a general understanding of how much your car is worth.
You can get an estimate of fair market value by using a site like kbb.com. Once your car donation to your NPR station is complete, we'll provide you with a sales receipt or IRS Form 1098C. We are not able to provide specific tax advice as each individual tax situation is different.