If I donate my car, vehicle or boat to charity, how much tax deduction can I take?
How do I value my car, truck or boat if I donate it to charity?
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Attorney Tom Olsen is host of the Olsen on Law Radio Show on FM 96.5 WDBO in Orlando. You can reach Tom at 407-423-5561 or email@example.com. Tom has been answering legal questions on his radio show for 26 years and has been practicing law in Orlando, Florida for over 30 years.
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Attorney Tom Olsen: Next on line is Wayne all the way from St. Augustine. Wayne, you’re on News 96.5, go ahead.
Wayne: Thank you. My question is regarding the automobile that I know that I’m considering donating to a charity. I’m not sure what the IRS regulations are, what I’m allowed to do in terms of value of the automobile once I donate to a charity.
Attorney Tom Olsen: Well, Wayne, you’re going to need to talk to your accountant or CPA but this much I can tell you: I heard within the last year or two that the IRS is caught on to people who are abusing this donation of vehicles, okay? Meaning that your car’s worth $200 and you donate it and on your IRS return you put it value to $2,000. So you have to really, really be careful these days, IRS is on to it. They’re not going to let you get away with it. At the end of the day, Wayne, you’re going to need to talk to your accountant or CPA about that.
Wayne: Very good, okay, thank you.
Attorney Tom Olsen: Bye-bye.
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