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Heads-up on Car Donations


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I've been considering donating my '94 Eldorado (see "Cracked Block?" thread) to charity and taking a tax write-off. Guess what, boys and girls? The IRS has changed the rules on evaluating this type of charitable donation. You used to be able to write-off the private party sale Blue Book value. Not anymore! As of January 1, 2006, the charity that receives the car is required to give you a recipt stating the amount they actually receive from the sale of the vehicle and that is the amount you can now write-off. Of course, you have no control over what they get for the car so the actual tax savings you might realize could be very little. This new rule makes giving a car to charity much less advantageous!


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Seems fair, but makes the deduction uncertain when you give a vehicle to charity unless you work out something with them to ensure they use the car for a while or plan to seriously try to sell it. If they just junk it or cash it out cheap you're better off selling it yourself alright.


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