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Tax Benefits of Donating
Recent changes in tax law do
not affect the benefits that Advent receives from
your donation. The changes have, however, affected
how much a donor may claim on their taxes. Please
consult your tax professional to ensure compliance
with IRS regulations.
Vehicle Donations:
1. You may deduct the fair market value of your
vehicle, up to $500.*
2. You may deduct the amount your vehicle is sold
for by Advent at auction, if the amount is greater
than $500, but not more than $5,000.
3. If the fair market value is greater than $5,000,
you must get a written appraisal of your vehicle.**
Other Donations:
For miscellaneous, non-motorized donations (real
estate, furniture, jewelry, etc.), you may deduct
the fair market value of the item.* An appraisal
will be required if the item is valued at $5,000
or more.**
*Fair
Market Value is the price a willing buyer would
pay and a willing seller would accept for the
car, when neither party is compelled to buy
or sell, and both parties have reasonable knowledge
of the relevant facts. For more information,
please refer to IRS Publication 561 below and
contact a tax professional.
**For
more information on appraisals, refer to IRS
Publication 561 below and contact a tax professional.
*NOTE:
Advent is not in a position to accept vehicles
that are non-operational.
IRS Publications
For more information on the tax benefits of charitable
contributions, please click on one of the IRS
publications below, or visit www.irs.gov.
Be sure to consult a qualified tax professional
to ensure compliance with IRS guidelines.
Determining
the Value of Donated Property - Publication
561 (PDF)
Charitable
Contributions - Publication 526 (PDF)
A
Donor's Guide to Vehicle Donations - Publication
4303 (PDF)
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