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Friday, December 8, 2017

Google Go makes discovering, exploring, and sharing the best of the web easy and fast.

Google Go makes discovering, exploring, and sharing the best of the web easy and fast.
Get answers quickly and reliably with Google Go, even on slow connections and smartphones with low space.
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Step 1: Donate to a registered nonprofit.

The most important consideration when choosing a charity is determining
 its "exempt" status. To be eligible for a tax deduction, the car must be
 donated to a tax-exempt nonprofit organization, most commonly known 
as a 501(c)(3) organization.
To verify if an organization is tax-exempt, use the IRS search tool, or 
ask to see the organization’s IRS letter recognizing it as tax-exempt.


Step 2: Determine the deduction amount.

According to the IRS -
If the charity sells your car for more than $500:
You can claim the full sale price for your tax deduction.
If the charity sells your car for less than $500:
You can claim the fair market value up to a maximum of $500.
Sometimes a charity may use the vehicle for its own use. In such a 
case, you can claim the fair market value for the car.

If your car is sold for less than $500:
All that is needed is to write the deduction amount on your IRS 1040 Form.
If your car sold for more than $500:
1. IRS Form 1098-c. Many charities, like Kars4Kids, provide a 
receipt that can be used in place of the 1098.
2. IRS Form 8283 Section A
3. For e-filing - Form 8453
If your car is sold for more than $5,000:
1. IRS Form 8283
2. IRS Form 1098-c or legal receipt from charity
3. A written appraisal of the vehicle’s value.