So you are looking at donating your car to charity and get yourself a tax deduction, huh? Well back in 2005 there was new legislation enacted by the government that made it harder for donors to claim a deduction for a car donation.
There has been a lot of confusion in this area, some people have stayed away from giving these types of gifts, but interesting enough the government has found that the new law has not done a lot to curb abuses.
With this in mind, if you are going to claim a deduction for this time of gift, which is a car donation, just make sure that you follow the rules so you do not find yourself on the other end and be audited by the IRS.
Many people have had problems trying to understand the new rules so I am going to try break it down into simple terms for you now. Basically you can no longer use the Fair Market Value to determine your deduction. If your car is worth more than five hundred dollars you need to wait for the charity to sell the car and let you know how much it received at auction.
If your car is worth less than five hundred dollars, you can still use the Fair Market Value (FMV). There are a few other circumstances when the Fair Market Value may apply such as if the charity keeps the vehicle for their own charitable purposes or sells it as a discount to someone who is in need.
Young Life
It is a mission community composed of Christ-centered people. They are committed to giving the youth a sharing of the Gospel of Jesus Christ. They build a personal relationship with the youth through sharing life experiences, where in, the Gospel can be reflected.
Western Slope Boys and Girls Club
Their mission is enabling and inspiring young people to become productive, responsible and caring citizens. They assure that every youth can share in fulfilling their goals while experiencing new opportunities. Their staff is focused on building a sense of belongingness, usefulness, competence and a sense of influence among its members.
Voices of Musica Sacra
This chamber chorus has a mission of sharing their talents and services. They usually perform sacred choral music intended for the benefit of their local national as well as international communities. The chorus presents an annual Christmas and spring concert together with various church organizations and communities for their worship services.
Tri City Homeless Coalition
Their mission is to battle homelessness in the Southern Alameda country. They provide shelters and a stable and peaceful living environment for their clients. Aside from providing shelter, they also fight to counteract the causes of homelessness and help bring back homeless people to a positive community with interdependence.