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Beginning January 1, 2005, taxpayers can deduct only the proceeds the charity gets from the sale of the car. Donors must receive a written acknowledgement from the charity that includes the sale price of the vehicle. If the charity uses the car for a charitable purpose, such as a Goodwill wheels-to-work program, donors may deduct the fair market value of the vehicle, and must obtain written acknowledgement from the charity that states how the car will be used. The charity must provide you with written acknowledgement within 30 days of the sale of the car or, if the car is to be used for a charitable purpose, within 30 days of the donation.
If you are donating your car:
- Give to charities you know and trust.
- Find out which nonprofit organizations accept car donations, and whether or not the car has to be in working condition.
- Find out how your donation will be used at Goodwill Industries of Metropolitan Chicago, 93 cents of every dollar we spend directly supports our programs and services.
- Ask if the charity uses a third party to sell the car and, if so, how much of your donation the charity keeps.
- Sign the title over to the charity or its agent. Do not leave the title blank under any circumstances: many illegitimate charities ask that the title be left blank, making you liable for the vehicle months after you donated it.
Related web sites
Internal Revenue Service www.irs.gov
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©2010 Goodwill Industries of Southeastern Wisconsin, Inc. & Goodwill Industries of Metropolitan Chicago, Inc.
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