Message Font: Serif | Sans-Serif
No. of Recommendations: 0
The rules change January 1. For donations after 2004 the deduction will be limited to the amount the charity gets when it sells the car if the car is not used directly in the charity's work.

Wow, I didn't know that! About 99% of the time, the charity just passes the vehicle on to a wholesaler, and realizes maybe $50 or so. I guess we'll be seeing no more of those "donate your car to charity" appeals.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.