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New IRS
rules for vehicle donation
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[OCT. 8, 2005]
UTICA, N.Y. -- New IRS rules for vehicle donation
went into effect Jan. 1. "The new rules have significantly changed
the amount most donors can deduct for their car donation," according
to Karen Campese, chief executive officer of Cars4charities, a
national nonprofit car donation center.
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"The old law allowed the donor to deduct the fair market value of
their car as determined by a pricing guide such as the Kelley Blue
Book," Campese says. "Now, people who donate older, less valuable
cars can deduct up to $500. Those who donate more valuable cars can
deduct the amount the charity sells the car for. In order to
guarantee the donor the best tax deduction possible, Cars4charities
now sets a minimum selling price on better vehicles."
For more information on car donation, call cars4charities at 1
(866) 448-3487 or visit
www.cars4charities.org.
[News release]
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