Some places will just give you a receipt that says it’s a 2001 Doohickey Supreme and let you do the math. What they get at auction isn’t relevant and probably won’t be reported to you anyway.
Last time I did a car donation they gave me the blank tax form and a photocopy of the Kelly page and said you deduct what you think it’s worth.
When I donated a car, a few months later I got a letter that gave the exact amount they sold it for. They probably reported it to the IRS as well to keep me honest.
That's probably more for your "We sold it like we said we would" records. The car still had a book value, regardless of it's end sale price. You deduct the book value.
The vehicle I donated had a book value of $4500. I deducted about $3500 because I felt it needed a lot of work, and I doubt it sold for that much because that type of vehicle wasn't very popular and it wasn't something you could just dump on a lot and sell.
Until you get audited.
Pay your taxes.
It's one of the dumbest things in the world to not pay your taxes.
It's one of the dumbest things in the world to not pay your taxes.
Wow the founding fathers would call you a pussy.
I had proof of the donation (pictures) and a copy of the value as specified by accepted industry trade manuals. As long as you don't get greedy and can provide reasonable evidence you did what you said, no one cares.
That’s what I’m looking for. Who was that? I hope it wasn’t K4K.
I believe it was Volunteers of America.
An automobile or other piece of equipment like that generally has accepted values for a given condition. That's one of the easier things to deduct for that reason. Just don't be greedy.
And thank you, Stupidbird.
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