Sunday, October 20, 2019

Car donation tax laws

CAR DONATION TAX LAWS
WHAT YOU NEED TO KNOW ABOUT THE CURRENT TAX LAWS GOVERNING VEHICLE DONATIONS.

on octomber 22,2004 president bush signed the jobs bill into law. Section 731 of this law placed new restrictions on car donations to charity. If you are planing to donate a car it is important to note these changes to the tax law that went into effect on january 1st 2005 to make sure that you will recive the tax benefits that you expect from your car donation.



TITLE VIII: Revenue provisions -title viii revised the rules for claiming tax deductions for charitable donations of motor vehicles boats and airplans valued over $500.

The new provision requres the donee organization to provide donors with a written acknowledgment of the contribution within 30 days of this donation.

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