John Bullis
For the Nevada Appeal

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December 4, 2012
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John Bullis: Give a vehicle to charity?

If you plan to give a vehicle to your church or favorite charity, there are some limitations and substantiation requirements to consider.

It will only save you income tax if you itemize deductions on form 1040, Schedule A.

Different rules apply depending on the value of the vehicle.

If the claimed value is $500 or less, just the general substantiation rules apply. The charitable organization is to provide you with a contemporaneous written acknowledgment that describes the vehicle and the fair market value and stating that you were not provided any goods or services in consideration for it. Also, it …

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The Nevada Appeal Updated Dec 4, 2012 02:00AM Published Dec 4, 2012 01:58AM Copyright 2012 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.