Record Keeping and Filing Requirements for Car Donation

Based on the amount you wish to claim as a charitable contribution deduction, you need to maintain certain files and records to manifest your charitable contributions. Following are the necessary recordkeeping and filing requisites that would be helpful. Written...

How to Get Fair Market Value of your Car Donation

If you are going to claim a deduction of $500 or less value, you must require evaluating your vehicle’s fair market value on the date of the contribution. Usually, fair market value is the cost a buyer would offer and a seller would take for the vehicle, when...

What are Tax Implications of Car Donation

The basic tax process is that IRS permits certain standard deductions from the consolidated income of an individual and according to the income range, applies some percentage of tax on the taxable income. In addition, IRS enables certain itemized deductions and tax...