The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Car to Charity||Date: 4/10/1998 10:17 PM|
|Author: TMFTaxes||Number: 3403 of 122466|
[[In Nov 97 I gave my car to the Kidney Foundation. I had planned to deduct $700.00 for the l980
Honda. Now I hear that because I didn't know to get some signatures from and auto dealer and
The Foundation I may not be able to deduct no more than $500.00. (The $700.00 price was
gotten from N.A.D.A Official Used Car Guide at the library.) Is there any way I can take this
deduction without using another form?]]
Somebody is giving you some bad information. For contributios of personal property greater than $500 but less than $5000, all you need is written acknowledgement of the contribution from the Kidney Foundation (along with their address, date of contribution, location of donation, etc.)
I'm just sure that the Kidney Foundation will provide you with the appropriate information (if they haven't already) if you simply call and ask them.
The form that you want to use to claim this deduction would be Form 8283. If you decide NOT to use Form 8283, then you ARE limited to $500 as an itemized deduction. But Form 8283 is really pretty easy to deal with.
SPECIAL NOTE: I try to answer as many questions as I can each week, and I generally select those that have not been asked before. If you don't get a detailed answer to your question, it is probably because my time is so limited during tax season, or because it has already been asked and answered in this folder in the past, or because it has been discussed in the Taxes Frequently Asked Questions area. In order to visit the Taxes FAQ area, go to the Fool's School area (http://www.fool.com/school.htm) and check out "Other Features" in the list box, OR you can jump directly to the Taxes FAQ area (http://www.fool.com/school/taxes/taxes.htm). Additionally, if any references were made to the IRS Web Site, you can get there by pointing your web browser to (http://www.irs.ustreas.gov)
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|