taxes
You've seen the ads: "Donate your car and get a tax break." Technically, that's true.
'); } (function($){ var theForm = '.op_find_all_insurancee_rate'; $(theForm +' .submit a').on('click',function(e){ submitForm($(this)); return false; }); $(theForm +' .zipcode').on("keypress",function(e) { if(e.which == 13) { submitForm($(this)); } else { $(this).removeClass('br_form_error'); } }); $('#op_inp_zip').on('focus', function(){$(this).val('');}); var submitForm = function(formElm){ var formElm = $(formElm).closest(theForm); var jqInpChecked = null; jqInpChecked = $(formElm).find('input[type="radio"]:checked'); var sendTo = "/insurance/health-insurance-rate-quote.aspx", zipCode = $(formElm).find('input[name="zip"]').val(), product = jqInpChecked.val(), valid = false, ic_id,wloc,ic_idProduct; ic_idProduct = (jqInpChecked.hasClass('health')) ? 'health' : product ; wloc = window.location + ''; wloc = wloc.replace(/#/g, '').split("/"); wloc = ($(wloc).last().length === 0 ) ? wloc[wloc.length - 2] : wloc[wloc.length - 1] ; wloc = wloc.replace(/ /g, '').replace(/#/g, ''); ic_id = 'health_insurance_compare_rates_module:'+wloc+':'+zipCode+':'+ ic_idProduct; if((/^\d{5}(?:-\d{4})?$/).test(zipCode)) { valid = true; } else { $(formElm).find('input[name="zip"]').addClass('br_form_error'); $(formElm).find('input[name="zip"]').val('Invalid ZIP code!'); } if(valid){ if(jqInpChecked.hasClass('health')){ window.location = sendTo+'?zip='+zipCode+'&InsuranceType='+product+'&ic_id='+ic_id; } else if(jqInpChecked.hasClass('autohome')){ window.location = '/insurance/auto-home-insurance-rate-quote.aspx?zip='+zipCode+'&InsuranceType='+product+'&QuoteProduct=Auto_and_Home&ic_id='+ic_id; } else if(jqInpChecked.hasClass('auto')){ window.location = '/insurance/auto-insurance-rate-quote.aspx?zip='+zipCode+'&InsuranceType='+product+'&QuoteProduct=Auto&ic_id='+ic_id; } else if(jqInpChecked.hasClass('home')){ window.location = '/insurance/home-insurance-rate-quote.aspx?zipcode='+zipCode+'&ic_id='+ic_id; } else { window.location = '/insurance/life-insurance-rate-quote.aspx?zipcode='+zipCode+'&ic_id='+ic_id; } } }; })(jQuery); });But some people who give away an old auto might find their tax break smaller than they expected. And a few donors, thanks to the intricacies of vehicle gift guidelines, might be able to boost their deduction amounts.
Giving away a clunker to a charity was once straightforward. You could claim the old car's fair market value, that is, the amount a willing buyer would pay a willing seller for the product. Typically, you'd refer to auto valuation services, such as the Kelley Blue Book, to get an idea of the donated car's value, give it to your favorite nonprofit and then drive off with a tax break equal to that valuation amount. No more.
Because some taxpayers got greedy, claiming much more than their old autos were worth, lawmakers tightened the rules on how much you can write off for a vehicle donation. Now the precise tax break depends on the donor's claimed value of the gift and how the charity uses the vehicle.
"This puts taxpayers in the unusual situation of not knowing the size of their deduction when they make the donation," says Bob D. Scharin, senior tax analyst from the Tax & Accounting business of Thomson Reuters.
In most instances, a taxpayer must take into account a $500 threshold on vehicular gifts. This value amount applies to autos, boats and even airplanes. When the donated vehicle's value (based on credible fair market value analyses) exceeds that amount, claiming the deduction gets more complicated.
This valuation ceiling comes into play when a charity sells a donated vehicle. In this case, just how much a taxpayer can deduct depends on the amount the sale nets.
For example, you donate your old station wagon that's worth $1,000. Under the old rules, that would be the amount you could deduct. But now, if the charity turns around and sells your donation for $800, your deduction is limited to the lower sales price.
The charity must give you substantiation of the Internal Revenue Service-allowed donation amount within 30 days of when you turn your car over to the charity or, if the group sells the auto, within 30 days of the vehicle's sale.
If you haven't heard from the charity, give it a call and ask that it send, or resend, you the donation specifics. Plus, you now must include a copy of the acknowledgment, IRS Form 1098-C or an IRS acceptable substitute form that is sent to you and copied to the agency, with your tax return. Previously, such documentation was generally only kept by the taxpayer in case the IRS questioned a claimed deduction.
Taxes » Tax Deductions » Tax Benefits Of Donating A Vehicle. You've seen the ads: "Donate your car and get a tax break." Technically, that's true.
Donating A Vehicle To Charity Bankratecom 2015 ...
Donating A Vehicle To Charity | Bankrate.com. 09/17/2015 at 10:09:55. Taxes » Tax Deductions » Tax Benefits Of Donating A Vehicle. You've seen the ads: "Donate your
Donating A Vehicle To Charity Bankratecom 2015 ...
Car Donation + Donate Car | Cars 4 Causes Why Choose Cars 4 Causes®? We're fast experienced and trustworthy (over 200,000 donations). We work smarter to get the
Donating a Vehicle to Charity | Fox Business
Bankrate.com. Facebook 0 Twitter 0 You've seen the ads: "Donate your car and get a tax break." Technically, that's true. The vehicle donation law,
How to donate a car or boat to charity - TODAY.com
How to donate a car or boat to charity. 2008-09-10T18:00:48.000Z. Never agree to leave the ownership space on the charity donation papers blank. 7.
Tax Benefits of Donating a Vehicle | Fox Business
Bankrate.com. Facebook 0 Twitter 0 "Donate your car and get a tax break you must have given the vehicle to a charity by Dec. 31 of the tax year for
How to Donate a Car | DMV.org
Car donation can be a great way to give back to the community. Learn how you can donate your car with our helpful guide.
Guide To Donating Your Car : Charity Navigator
nearly ¾'s of a million people took a car donation Some charities will ask you to leave the assignment of ownership space on the charity donation
Tax Exempt and Government Entities EXEMPT ORGANIZATIONS A ...
Otherwise, your donation will not be tax deductible. If you want to learn more about a charity before donating your vehicle, use the resources listed
Does It Make Financial Sense To Donate a Car to a Charity ...
It's easy to donate a car to charity if all you want to do is get rid of it. Simply call a charity that accepts old vehicles, and it will tow your heap away.
