sam asked: i donated my car in february of 2005 and i got back a document stating i can deduct 1300 bucks. my accountant is saying that since i dont have a home / mortgage i cant deduct it. he also says i dont meet the minimum 10 thousand dollar deduction. whatever that [...]

In the 1990s and early ‘aughts, it seemed you couldn’t turn anywhere without seeing an ad or hearing a radio commercial, begging people for vehicle donations.  These ads resulted in a massive increase in the number of cars donated per year, but the overall number still wasn’t very high.

According to a General Accounting Office report [...]

AnswerBot asked: If I donate my car and get a $1,000 tax receipt, what benefit will I get on my tax return?
More of a refund? If so, by how much?

Technorati Tags: Benefit, Car Donation, Donate Car, Donate My Car, Tax Receipt, Tax Return

In Lieu of Regular Car Donation, Non-profit Organizations (NPOs) Find New Sources of Revenue
Since the 2005 rulings that severely limited the amount of money that could be deducted for the most common types of car donation, non-profit organizations with an educational or a mission that includes the direct use of cars have had to come [...]

 
For charitable non-profits, donations from individuals and other companies are an essential part of operations unless they were founded with the sort of endowment that pays constant dividends.  However, even thought he IRS may have granted these organizations tax exempt status under their own 501 regulations, that doesn’t mean they won’t be keeping an eye [...]