Disclaimer: Giving Heart of America is not authorized to give tax advice. Nothing we state on this website, in writing, in person, or over the telephone is intended to substitute for the professional advice of your CPA, accountant, or tax advisor. Consult IRS Publication 526 for more information.
Per IRS guidelines and tax law, contributions to bona fide tax-exempt non-profit organizations are tax deductible for individuals itemizing deductions on their annual Federal Income Tax Return. These tax deductions are filed on Form 8283: Non-Cash Charitable Contributions.
The IRS has adopted a few simple rules regarding the value you specify for the donation made:
- If your donation is believed to be worth $500 or less, you can still claim $500 as a tax deduction . Most non-running vehicles fall into this category.
- For all other donations, your tax deduction will be limited to the amount actually received by the charity upon disposition of the vehicle.
See Tax Deductions and Current Tax Law for more information.
Once the vehicle has been sold, we will provide you with the sales price, as that will be the upper limit of your tax deduction. Because we utilize a network of retail dealers who sell our donated vehicles (Managed Donation Program) directly to the public at retail prices, we believe that donations made to Giving Heart of America will result in the largest tax deductions available anywhere, much higher than with most other charities. (See Maximizing Your Donation.)
In the event we need to invest in substantial improvements (a new engine, a new transmission, major body work, etc.) we will also report that amount to you. The fair market value of the vehicle at the time of the donation can not be more than the actual sales price we receive less our investment in substantial improvements.
See our examples of Donation Successes.
Check out our Guarantee.
Join us to see how to get started.
