Can I claim my car donation as a tax deduction?
Yes. Habitat for Humanity is a 501(c)(3) nonprofit organization. Contributions, including vehicle donations, may be claimed as deductions on your federal tax return if you itemize on Schedule A of Form 1040.
How much can I deduct?
Once Cars for Homes sells your vehicle, the selling price becomes the amount of your donation. If your vehicle sells for more than $500, you may deduct the full selling price. If your vehicle sells for $500 or less, you can deduct the “fair market value” of your vehicle, up to $500.
How do I figure out the “fair market value” of my car?
The following websites can provide this information:
Kelley Blue Book Edmunds NADA Guides
What documentation will I receive for my tax return?
Within 30 days of the sale of your vehicle, Habitat will send you a
written acknowledgement/receipt. This receipt will include:
Where can I get more information?
Consult your tax adviser or refer to any of these IRS
This information was provided courtesy of DonationWizard.com, a service of Advanced Remarketing Services, Inc.