Basic Guidelines for Donating Your Car
Charitable tax deduction is a great incentive for donating your car. Here are a few tips to help you make the most of your donation.
To be eligible for a tax deduction, donate your car to a tax-exempt non-profit organization that falls under IRS section 501(c)(3) that can receive tax-deductible donations. You can ask to see the organization’s IRS Letter of Determination recognizing its tax-exempt status. Donate A Car has already done this for you so you can rest assured this step is taken care of for any charity you find on this site.
When your car donation is sold at auction, your tax deduction is the fair market value not to exceed $500 or the actual sale price at auction whichever is greater. If your car sells for more than $500, you’ll need an IRS tax form 1098-C. Donate A Car will make sure you receive a tax receipt from the charity you choose as well as a completed vehicle donation tax form 1098-C within 30 days after your car donation is sold at auction.
Want to learn more about the vehicle donation tax laws? Check out these IRS resources for more detailed information:
At Donate A Car, we believe that a car donation is one of the biggest contributions that most people can make in their lifetime. That’s why we work so hard to make the process easy, fast and free for you the donor. For over 20 years, Donate A Car has helped thousands of non-profit organizations raise millions of dollars to support charitable programs here in the U.S. and across the world. We invite you to be a part of this incredible cause.
Ready to donate your car and make a difference? Call us at 1-800-237-5714 or Choose a Charity today!