How to Qualify For a Tax Deduction on a Car Donation
The next step on the donor’s guide to car donations and tax deduction is to determine whether you qualify for a tax deduction.
You can deduct a car donation to a qualified charity only if you met the following conditions:
- You must itemize deductions on your Schedule A of Form 1040
- You must take into account certain limitations on charitable contribution deductions. (i.e. your deduction cannot exceed 50% of your adjusted gross income and other limitations may apply)
Note: IRS Publication 526 “Charitable Contributions” provides detailed information on claiming deductions and the deduction limits. In addition, it describes the types of organizations that are qualified to receive tax deductible contributions.
Click here for an online copy of IRS Publication 526
you can call (toll free) 800-829-3676 for a copy
Before you donate your car to a charitable organization for a tax deduction, please read the following articles on this site: