Are you considering donating your car to charity? You must itemize your deductions to deduct your donation. Unless the donated vehicle is being used by the charity, you generally may deduct only the amount the charity receives when it sells the vehicle. To claim the deduction for vehicles worth at least $250 but not more than $500, you’ll need a written acknowledgment letter from the charity with certain details regarding the donation. If the vehicle is worth more than $500, additional information is required in the acknowledgment, and it must generally be received within 30 days of the sale of the car. You may instead receive a completed Form 1098-C from the charity. Contact us for details.
