Car Donation Tax Laws
When you donate your car to Rawhide Boys Ranch, we put our 30+ years of car sales experience to work so that you receive the maximum IRS tax deduction for your donation. Since 1983, we have satisfied thousands of donors, many of whom have taken advantage of the tax savings that come from a car donation—several times per household.
Important Car and Vehicle Donation Tax Law Information *
Tax laws concerning car and vehicle donations have changed. Donors used to be able to claim the market value of the car regardless of what the car sold for. Now, donors have two options for their tax deduction upon donating a car or vehicle to a charity.
You may choose one of two options allowed by the IRS for a tax deduction:
- Based on the value of your car, you may opt to claim up to $500 immediately, without waiting for the re-sale price.
- It is up to you, as the donor, to determine the fair market value of your vehicle. OR
- You may wait until Rawhide sells your car if you know the vehicle’s value is over $500.
- Our sales team works diligently to ensure you receive the maximum amount based on your vehicle’s age, condition and location to determine the best sales venue. After your vehicle is sold, you will receive an official 1098-C receipt for your records.
* Donors must itemize their taxes to be able to claim the deduction.
The same car donation tax law guidelines apply to those to choose to file their taxes electronically. After E-filing you will need to mail to the IRS Form 8453 to the IRS along with the IRS Form 1098-C that you received from Rawhide. You do not need to mail in a copy of your tax returns that were filed electronically.
For more information regarding the Form 1098-C, please visit the IRS website.
Always consult a qualified tax professional to ensure compliance with IRS requirements as they apply to your specific donation and circumstances.
We accept car donations nationwide!
And we pick-up and transport for FREE. We have a nationwide network of transport service providers.
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