Record Keeping and Filing Requirements for Tax Benefits Through Car Donation

Record Keeping and Filing Requirements for Tax Benefits Through Car Donation

Your donated car not only gives the maximum benefit to your desired charity organization, but also helps you get “Tax Deduction.”

As a donor, you need to keep record and file an additional form to substantiate your car donation.

Below you will find the record keeping and filing requirements for tax deduction ranging from less than $250 to greater than $5000.

Tax Deduction of less than $250:

There are only record keeping requirements, which are as follows:

1. Name/Address of Charity.
2. Date of Donation.
3. Place where you donated vehicle.
4. Description of vehicle.

Tax Deduction Ranging from $250 to $500:

There are only record keeping requirements, which are as follows:

1. Name/Address of Charity.
2. Date of Donation.
3. Place where you donated vehicle.
4. Description of vehicle.
5. Contemporaneous written acknowledgment from charity.

Tax Deduction Ranging from $500 to $5000:

The record keeping and filing requirements are as follows:

1. Name/Address of Charity.
2. Date of Donation.
3. Place where you donated vehicle.
4. Description of vehicle.
5. Contemporaneous written acknowledgment from charity.
6. Written acknowledgment.
7. Form 8283, Section A.

Tax Deduction Greater Than $5000:

The record keeping and filing requirements are as follows:

1. Name/Address of Charity.
2. Date of Donation.
3. Place where you donated vehicle.
4. Description of vehicle.
5. Contemporaneous written acknowledgment from charity.
6. Written acknowledgment.
7. Form 8283, Section A.
8. Form 8283, Section B.
9. Written appraisal — if deduction is not limited to gross proceeds.

http://www.irs.gov/pub/irs-pdf/p4303.pdf

Record Keeping and Filing Requirements

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You can download the Form 8283 from following link http://www.irs.gov/pub/irs-pdf/f8283.pdf

Form 8283-Section A

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Form 8283-Section B

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