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UPDATE: 2005 Car Donation Regulations

The U.S. Department of Treasury has revised the tax laws regarding the donation of automobiles and the deductions that can be claimed. The result is: You may be able to claim more by donating your car to Wheels of Success than other non-profit organizations.

Depending on the condition of your automobile Wheels of Success may be able to offer it to a family in need of reliable transportation. As a result you would be able to claim fair market value. If another non-profit organization simply sells your car, you would only be able to claim to amount it was sold for.

Please check with your accountant about the actual amount allowed for deduction.

With Wheels of Success its a Win-Win! Contact us for more details.

 
Go to the Wheels of Success Car Donation Application
Additional Resources

Govt. Clarifies Rules on Donating Used Cars
June 8, 2005 - Wall St. Journal

Major charities are reporting sharp declines in donations of used cars this year in the wake of a new tax law designed to prevent donors from artificially pumping up deductions.

But the Treasury Department late last week clarified some key issues in the new law, providing additional guidance to people trying to decide whether to donate or sell their used vehicles, boats and planes. read more >

Treasury and IRS Announce New Rules On Tax Treatment Of Donations Of Automobiles To Charity
June 6, 2005 - www.treas.gov

Read press release >
New Rules - Download PDF>

 
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