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

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