Donating Used Cars Is Not As Straightforward As It Used To Be
Donating Used Cars Is Not As Straightforward As It Used To Be By Anders Abadie Many people have a thorough understanding of how to sell or trade used cars, even if they have never done so themselves. However, the process of donating a vehicle to charity is mostly unknown to most of us. There are many common misunderstandings about the process, which will be cleared up below. The Truth About Tax Breaks All over television, billboards, and even on the Internet, there are ads stating that if you donate your used cars to charity, you will receive a tax break. Even though this is technically true, these tax breaks are much smaller than they were in years past. Unfortunately, this is because some people took advantage of the system. Up until recently, the process was quite easy and straightforward. Taxpayers simply claimed the fair market value of the vehicle on their tax forms. This was easily determined by auto valuation services such as Kelley Blue Book or Edmunds. As a res...