Tax Filing Info
Receive the maximum tax deduction when you donate to one of our IRS recognized 501 (c)(3) charities or your favorite charity or church. Thousands of donors have taken advantage of the tax saving benefits of donating a car or vehicle through Cars Helping Charities.
Allowable IRS Charitable Tax Deduction:
- 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.
You will receive a receipt at the time your car or vehicle is sold (typically within 30 days) stating the exact amount of the sale.
Helpful IRS Publications and Forms:
- A Donor’s Guide to Car Donations (IRS Publication 4303. An excerpt regarding new tax law information. Revised February 2006)
- Charitable Contributions (IRS Publication 526. An excerpt regarding non cash charitable contributions. Revised December 2005)
- Determining the Value of Donated Property (IRS Publication 561. An excerpt regarding fair market value. Revised October 2005)
- Form 8453 (Form you will need to mail to the IRS along with your Cars Helping Charities Tax Deductible car donation receipt when E-filing
- Form 1098-c (This form is for informational purposes only. You do not need to complete this form. Simply attach the Cars Helping Charities tax deductible receipt to your tax return documents)
- All Tax Information (A link to the IRS website)
Cars Helping Charities does not provide tax advice. Information from IRS.GOV
Frequently Asked Car Donation Questions:
- What date will be reflected on my tax deductible car donation receipt?
A: The date you called or submitted a donation form request online
- Can I receive a tax deduction for a car or vehicle that is not running or inoperable?
A: Yes. Even cars and vehicles that don’t run or are inoperable are of value to charity. IRS regulations allow the donor to determine the fair market value up to $500
- Does it effect my tax deduction if I accept a vacation package as an incentive for donating my car or vehicle?
A: Yes. The fair market value of the incentive must be deducted from the car donation tax deduction amount
- Am I required to complete and submit IRS Form 1098-c?
A: No. Simply attach the Cars Helping Charities tax deductible receipt that you received for your car or vehicle donation to your tax return documents