If you itemize deductions on your income tax return, it may be possible to claim a deduction for your car donation. In general, donors who itemize their taxes may deduct the fair market value of any donated car up to $499. If your vehicle sells for more than $500, you may deduct the full selling price.
North Shore Animal League America is required by the IRS to send to the donor a written acknowledgement (receipt) within 30 days of sale. This receipt includes the following:
- The gross selling price of the vehicle (if sold for more than $500)
- Year, make, model and VIN information
- A statement indicating that the vehicle was sold at arm’s length between two unrelated parties
- And a statement indicating that no goods or services were received in return for your contribution
If you itemize deductions on your income tax return, it may be possible to claim a deduction for your vehicle donation. In general, donors who itemize their taxes may deduct the fair market value of any donated car up to $499. If your vehicle sells for more than $500, you may deduct the full selling price.