 | Changes in the tax law do not affect the benefits that Rawhide receives from your donation. The tax law change did, however, affect the amount of your deduction based on the type of donation and the amount you intend to claim.
1. For vehicle donations (cars, trucks, motorcycles, boats, airplanes):
a. Up to $500: you may deduct the fair market value (private party)
b. More than $500: you may deduct the amount the donation is sold for by Rawhide
2. For miscellaneous donations, which are non-vehicle donations (real estate, jewelry, recreational vehicles, campers, etc.), you may deduct the fair market value. For items valued at more than $5000, you must obtain a qualified appraisal.
In order to ensure compliance with IRS requirements as they apply to your specific donation and circumstances, always consult a qualified tax professional. |
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