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.
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.
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.
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