Good News Garage offers the highest possible tax deduction for auto donation. This is because Good News Garage gives some of our donated vehicles a second life by repairing and offering them to working low-income families. When this happens the car donor may deduct the 'fair market' value. The 'fair market' is what you believe your car would have sold for in the open market. On the other hand, if your donated car is sold at auction then you will receive the auction price as a tax deduction. The 'fair market' value is usually higher.
Most other car donation programs do not offer this higher tax deduction option, because they do not reuse your donated vehicle in their program. They sell all their vehicles as a fundraiser.
The tax deduction chart below is meant to give a general overview of the car donation tax law. Please consult with a professional tax preparer before donating your car, truck or van.
Cómo funciona la ley de impuestos?
A car may be donated in NH, VT, MA, CT and parts of ME, NY and RI
Donate a car, truck or van by calling toll-free 1-877-GIVE-AUTO/877-448-3288 or donate your car, right now, online. donate online.
Donated Car Analysis
Good News Garage inspects and repairs donated cars, trucks and vans then provides them to low-income individuals or families in VT, CT, NH and MA. Those donated cars that are not a good fit for a low-income family go to auction.
|
Qualified low-income family
When a car is provided to a low-income family, the car donor may deduct the 'fair market' value, which is defined as what that car could have sold for it on the open market. Please use the Kelley Blue Book, NADA or Edmunds links above to determine your donated car's value. The 'fair market' value is almost always higher than what you can receive for your car at auction.
After your car is accepted, Good News Garage's Vehicle Donation Coordinator will need your social security number to file your tax paperwork. This is required by the IRS, and you do not need to provide it if you do not want the donation as a tax deduction.
|
 |
Auction
Donated luxury cars, cars too expensive to repair or cars that are not a good match for families in need, go to auction.
Money from auctioned donated car sales help pay for repairing vehicles that go to families in need.
The car donor may deduct what the car sells for at auction. If greater than $500, Good News Garage is required to provide form 1098, which the donor must attach to the tax return. No documentation is required below $500.
|
