- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can I deduct FMV for a car donated to a charitable organization that uses the vehicle and how to do so on tax forms (i.e. church camp that does not sell)?
I donated a vehicle to a church camp facility. They provided a letter to me with the detail of the vehicle I donated. The letter states they will use the vehicle and will not sell it.
I am completing the charitable donation in Turbo Tax and it is asking for a 1098-C or written statement.
I don't know if this letter is acceptable to IRS since it does not state the value; I have the value from NADA, which is higher than the $500 value.
If I do not have information about the Gross Proceeds (as if the charitable org would provide upon sale of vehicle). Should I use my value as the Gross Proceeds to take the full value of the donated vehicle?
Or is the donated vehicle full FMV disallowed for a situation like this?
Topics:
‎June 1, 2019
10:36 AM