Poobah Posted July 28, 2006 Report Share Posted July 28, 2006 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! Happiness is owning a Cadillac with no codes. Link to comment Share on other sites More sharing options...
Bruce Nunnally Posted July 28, 2006 Report Share Posted July 28, 2006 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. Bruce 2023 Cadillac CT4-V Blackwing Follow me on: Twitter Instagram Youtube Link to comment Share on other sites More sharing options...
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