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Auto Donation

Auto Donation Auto Donation

Have you considered the benefits of donating your car?

Got an old car sitting around thats not being used anymore? Rather than selling the vehicle for a few hundred bucks why not consider donating the car to Teen Challenge. Your donation may allow for a substanstail tax-deduction. 

Here are a few examples on how deductions work in regard to donated vehicles. These examples are from the IRS Publication #4303 "A Donor's Guide to Vehicle Donations"

 


Example 1: On April 1, 2007, you donated your car to the local food bank. When you donated the car, you had deter­mined that the fair market value was $4,300. On November 10, 2007, the charity sold your car (to someone other than a needy individual), without any significant intervening use or material improvement, and received gross proceeds of $3,700. Your deduction may not exceed $3,700. 

Example 2: The charity certifies in an acknowledgment that it will make significant intervening use of the vehicle by using it daily for at least a year to deliver food to needy individuals. Your deduction may not exceed the fair market value of your car, $4,300. 

Example 3: The facts are the same as in Example 1 except the charity only received gross proceeds of $400 from the sale. Your deduction may not exceed $500.

So in some cases you may recieve a larger tax benefit. To find out more about our Auto Donation program you can vist our website. All the forms needed to donate a vehicle are available for download. There is also a link to the full IRS Publication #4303. 

For more information please go to our Auto Donation portion of the website.

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