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Tax Deduction Consulting: Car Donations Denver CO

Charitable deductions are a well known and common itemized deduction. When the deduction is an automobile, boat, or airplane, it is subject to some special rules. The car donation tax deduction requires the filing of Form 1098-C which is a form for Contributions of Motor Vehicles, Boats, and Airplanes.

Andy Lyford
2525 16th Street
Denver, CO
Company
Title: Registered Principal
Company: Charlton Investment Services
Type
Investment Advisor Rep: Yes
Education
Trinity College, BA
Years Experience
Years Experience: 18
Service
IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planni

Data Provided by:
Mr. S. David Estes (RFC®), EA
(303) 759-8248
1325 S. Colorado Blvd., #026
Denver, CO
Company
Financial Decisions
Qualifications
Years of Experience: 13
Membership
IARFC
Services
Invoice, Business Planning, Portfolio Management, Pension Planning, personal Coach, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Business Coach, Healthcare Accounts, Compensation Plans

Data Provided by:
Mrs. Deborah A. Gamber (RFC®)
(303) 228-7230
4950 S. Yosemite St, F2, #327
Greenwood Village, CO
Company
Sequoia Financial Corp
Qualifications
Education: University of Colorado: BA degree in Theoretical MathematicsFinancial Planning Courses through American College
Years of Experience: 17
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Precious Metals, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. David Robert Cichon (RFC®), CEP, CSA
(720) 482-1917
7700 E Arapahoe Rd Ste 110
Centennial, CO
Company
Evergreen & Company
Qualifications
Years of Experience: 37
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Pl

Data Provided by:
Mr. Bert Hermelink (RFC®), CHFC, CLU, CSA
(303) 696-6700
23493 E. Phillips Place
Aurora, CO
Company
Strategic Advantage Financial
Qualifications
Education: BA, Valparaiso UniversityCLU, ChFC, The American College
Years of Experience: 40
Membership
IARFC, SCSA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Precious Metals, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Perry Neva
1427 Glencoe St.
Denver, CO
Service
Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Portfolio Engineering,High Yield Bank Accounts,401k Rollover From Employer,Income for Life/ Preserve Principal,Wealth Management,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Capt

Data Provided by:
Dot Mechtenberg
8100 Ralston Road
Arvada, CO
Company
Company: Dot Mechtenberg, Inc.
Type
Investment Advisor Rep: Yes
Years Experience
Years Experience: 40
Service
Portfolio Engineering,401k Rollover From Employer,CD Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Captive Insurance,Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Annuities,Alternative Asset Class P

Data Provided by:
Michael L. Schwartz (RFC®), CFP, RFP
(303) 290-8600
6635 S. Dayton, #300
Greenwood Village, CO
Company
Wealth Masters, Inc.
Qualifications
Education: S
Years of Experience: 33
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Compensation Plans

Data Provided by:
Gregory Scott
16 Inverness Place East
Englewood, CO
Service
Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Portfolio Engineering,High Yield Bank Accounts,401k Rollover From Employer,Income for Life/ Preserve Principal,Wealth Management,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning

Data Provided by:
Brett Smith
1285 Cimarron Drive
Lafayette, CO
Company
Title: Owner
Company: Brett R. Smith CPA Wealth Management, LLC
Type
Registered Investor: Yes
Education
Kansas State University/Bachelor of Science in Business Administration, Accounting Major & Colorado State University, Bachelor of Science - Economics Major
Colorado University - Master of Business Administration (MBA)
Denver University - Master of Taxation (MT)
Years Experience
Years Experience: 20+
Service
Wealth Management,Real Estate Investment Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Investment & Portfolio Management,Business Succession & Liquidation Planning,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,401k Rollover From Employer,Retirement Planning,Investment Consulting & Allocation Design,Retirement Income Distribution Planning,Educat

Data Provided by:
Data Provided by:

Tax Deduction Consulting: Car Donations

Car Donation Tax Deduction

When you itemize your deductions, donations to qualified charities or churches are allowed. The car donation tax deduction applies when you donate an automobile and is subject to special rules.

Charitable deductions are a well known and common itemized deduction. When the deduction is an automobile, boat, or airplane, it is subject to some special rules. The car donation tax deduction requires the filing of Form 1098-C which is a form for Contributions of Motor Vehicles, Boats, and Airplanes. It is possible to use another statement from the charitable organization in lieu of Form 1098-C as long as it contains all of the information that would be found on the 1098-C form.

If the value of the automobile is less than $500, the form 1098-C is not necessary and the contribution is treated as a regular charitable donation. If the value is over $500, the amount of the donation is either the gross proceeds from the sale of the vehicle or the vehicle's fair market value at the time of the donation. In the unlikely event that the fair market value is actually higher than your cost or basis on the vehicle, it must be adjusted under the IRS rules for "Giving Property that has increased in value."

When the charitable organization sells the vehicle, it should send a copy of Form 1098-C within 30 days of the sale. When this is done, it is the gross proceeds from the sale that may be deducted. This will be reflected on the 1098-C or equivalent statement. For example, if you donate a vehicle that has a fair market value of $6000 and the organization sells it for $2900, it is $2900 that may be deducted as a charitable donation.

An exception to this rule is when the charitable organization sells the vehicle at a considerably reduced price to a needy individual as a part of its charitable mission. In this case, the fair market value is what can be used as the deduction amount. Again, this information will be reflected on the Form 1098-C.

The f...

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