You didn't need one....poof!
a car ....you need a car....
Started by
PieDoh
, Aug 08 2011 06:40 PM
56 replies to this topic
#53
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- VibeTribe
- 4,340 posts
Posted 25 June 2012 - 11:29 PM
Donate it to charity and get the full Kelly blue book value as a write off?http://www.carsforbr...CFUPd4AodfRdYlw
Ok, update....this "charity" is a scam. Found out today after many phone calls that my donation has been valued at what I could have sold it as scrap. I am so disappointed in this. Don't recommend this to any friend.
#56
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- VibeGuide
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- 15,977 posts
VibeGuide
Posted 09 July 2012 - 03:19 PM
IRS Officials Urge Care for Those Making a Car Donation; New Law Changes Rules at End of the Year
IR-2004-142, Nov. 30, 2004
WASHINGTON — The Internal Revenue Service issued a consumer alert today to help taxpayers avoid potential pitfalls when they donate their automobiles to charities.
In addition, as taxpayers plan their charitable giving, donors should understand the way that the American Jobs Creation Act of 2004 will alter the rules for the contribution of used motor vehicles, boats and planes after Dec. 31, 2004.
Next year, if the claimed value of the donated motor vehicle, boat or plane exceeds $500 and the item is sold by the charitable organization, the taxpayer is limited to the gross proceeds from the sale.
Under the new rules, the charitable organization must provide an acknowledgement to the donor within 30 days of the sale stating the amount of gross proceeds. Alternatively, if the charity significantly uses or materially improves the vehicles, the charity must certify this intended use and duration and provide an acknowledgement to the donor within 30 days of the contribution. If the charity significantly uses or materially improves the vehicle, generally, the donor may deduct the vehicle’s market value.
For the remainder of 2004, however, the new rules do not apply. Under the rules in effect for 2004, taxpayers will be able to deduct the fair market value of the contributed property.
“Just because the rules will be tightened for vehicles donated next year doesn’t mean anyone should give a car to charity and claim an inflated value this year,” said IRS Commissioner Mark W. Everson.
IRS officials recommend that people who want to donate their vehicle by Dec. 31, 2004, take the following steps:
http://www.irs.gov/n...=131660,00.html
IR-2004-142, Nov. 30, 2004
WASHINGTON — The Internal Revenue Service issued a consumer alert today to help taxpayers avoid potential pitfalls when they donate their automobiles to charities.
In addition, as taxpayers plan their charitable giving, donors should understand the way that the American Jobs Creation Act of 2004 will alter the rules for the contribution of used motor vehicles, boats and planes after Dec. 31, 2004.
Next year, if the claimed value of the donated motor vehicle, boat or plane exceeds $500 and the item is sold by the charitable organization, the taxpayer is limited to the gross proceeds from the sale.
Under the new rules, the charitable organization must provide an acknowledgement to the donor within 30 days of the sale stating the amount of gross proceeds. Alternatively, if the charity significantly uses or materially improves the vehicles, the charity must certify this intended use and duration and provide an acknowledgement to the donor within 30 days of the contribution. If the charity significantly uses or materially improves the vehicle, generally, the donor may deduct the vehicle’s market value.
For the remainder of 2004, however, the new rules do not apply. Under the rules in effect for 2004, taxpayers will be able to deduct the fair market value of the contributed property.
“Just because the rules will be tightened for vehicles donated next year doesn’t mean anyone should give a car to charity and claim an inflated value this year,” said IRS Commissioner Mark W. Everson.
IRS officials recommend that people who want to donate their vehicle by Dec. 31, 2004, take the following steps:
http://www.irs.gov/n...=131660,00.html
#57
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- VibeTribe
- 4,340 posts
Posted 15 September 2012 - 09:56 PM
scam revealed.
Auction company takes donated vehicle, removes new or improved parts....sells car for $500 at auction. They assemble same model car with all the new or repaired parts...( in my case , transmission, muffler, struts) ....then "auction" specially assembled car....to "a friend" ...
Result: I get $500 donation value..
"friend" gets great vehicle for same price....
"Charity" gets degraded valuation..!
Auction company takes donated vehicle, removes new or improved parts....sells car for $500 at auction. They assemble same model car with all the new or repaired parts...( in my case , transmission, muffler, struts) ....then "auction" specially assembled car....to "a friend" ...
Result: I get $500 donation value..
"friend" gets great vehicle for same price....
"Charity" gets degraded valuation..!
