- Tax Deduction
You are entitled to receive a tax deduction equal to the sales price of your donated vehicle, if you itemize your deductions. If the vehicle sells for less than $500, you can deduct the fair market value up to $500 (see below). You will receive a tax receipt within 30 days of the sale. Call 1-877-215-0227 if you need another copy of the receipt.
- Fair Market Value Calculations
The fair market value of a vehicle is the price a donor could sell it in its current condition to another individual, willing seller or willing buyer, and represents the cash that a donor gives up in the form of the donation. A convenient source of information on the private-party sale value is in on-line valuation guides such as Kelley Blue Book.
- Filing Requirements
The Vehicle Donation Program provides the donor with written acknowledgment (a Tax Receipt or IRS Form 1098C) within 30 days of selling the vehicle, stating either the amount the vehicle sold for (if over $500), or that the vehicle is eligible for the fair market value deduction (if it sold for less than $500). If itemizing deductions, donors must file the Tax Receipt or IRS Form 1098C with their tax return. The Vehicle Donation Program must file Form 1098C with the IRS for all vehicle donations, including the donor's Social Security Number and Vehicle Identification Number (VIN).
This vehicle donation program protects the privacy of donors. Donor information is not given to any organization except the IRS as required by law and the donor designated station. Donor names and addresses, excluding Social Security Numbers, are shared with the donor designated station. Social Security Numbers required under the current tax law for vehicle donations are only shared with the IRS. Social Security Numbers are maintained away from other data on a special high-security server not connected to the Internet.
Though we’ve never had reason to invoke it, Car Talk does carry general liability insurance, as do each of our partners and contractors in the vehicle donation program.
The logos, names and indices of the Car Talk Vehicle Donation Program and other companies used on this site are protected by the copyright and trademark laws of the United States.