भारत नु संविधान 2011नी आवृत्ति
Although advertised as an easy
way to dispose of an old car, donors need to fulfill certain post-donation
requirements to qualify for the tax deduction. such as obtaining a written
acknowledgment of the car's subsequent sale by the charity,and itemizing tax
returns instead of taking the standard deduction.
For vehicles valued at less than $500, the deduction amount comes from the donor's own estimate of the car's value, even if the charity receives less money from its sale. Deductions greater than $500 are limited to the proceeds of selling the vehicle, usually at auction. The U.S Internal Revenue Service advises that starting in 2005.
The rules for determining the
amount that a donor may deduct for a charitable contribution of a qualified
vehicle, including an automobile, with a claimed value of more than $500
changed at the beginning of 2005 as a result of the American Jobs Creation Act
of 2004. In general, that Act limits a donor’s deduction to the amount of the
gross proceeds from the charity’s sale of the vehicle
For vehicles valued at less than $500, the deduction amount comes from the donor's own estimate of the car's value, even if the charity receives less money from its sale. Deductions greater than $500 are limited to the proceeds of selling the vehicle, usually at auction. The U.S Internal Revenue Service advises that starting in 2005.
For vehicles valued at over $500, taxpayers are required to attach
the charity's written acknowledgment to their tax return.
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