mpac1365
01-14-2007, 01:58 PM
I am in New Jersey. I understand the Vehicle Donation Laws & Regulations to be, "The IRS allows you, the taxpayer, to claim a tax deduction of (a) the value of your vehicle up to $500 or (b) if we sell the vehicle for more than $500 we will mail you a postcard with that value for your tax purposes." --- But, what if the Charity donates/gives the vehicle to a 'less fortunate'? Will the vehicle donor be eligible for the 'full value' deduction?
Also, can a vehicle be directly donated to a 'less fortunate' individual, in care of the 501c3? Meaning, the title would be in the 'less fortunates' name' -- but, the vehicle donor would still be able to get the tax deduction/full value.
Thanks.
Also, can a vehicle be directly donated to a 'less fortunate' individual, in care of the 501c3? Meaning, the title would be in the 'less fortunates' name' -- but, the vehicle donor would still be able to get the tax deduction/full value.
Thanks.