How do you determine the value of my donated car/vehicle?
The IRS permits the vehicle donor to claim a charitable tax deduction as follows:
- If the vehicle is sold for less than $500, you can claim the fair market value of your vehicle up to $500, or the amount it is sold for if less than fair market value.
- If the vehicle sells for more than $500, you can claim the exact amount for which the vehicle is sold.
More Tax Filing Info
Posted in: Tax Deduction and Proceeds FAQs