Business Tax Recovery Logo

Vehicle Donation Information Bend OR

Atypical for our tax system, taxpayers are actually encouraged to help others through deductions. Here's the latest tax information on donating vehicles to charity.

Central Oregon Business Svc
(541) 317-4938
61533 American Loop
Bend, OR

Data Provided by:
Harold Ashford & Associates
(541) 382-1021
1143 NE 4th Street
Bend, OR
Douglas Armstrong
255 Stewart Ave. Suite 101
Medford, OR
Title: Investment Advisor
Company: Armstrong Wealth Management
Pension for Highly Compensated Owners,Stock Market Alternative,Alternative Investments,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,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Medicaid,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),

Data Provided by:
La Pine Tax Services
(541) 536-1675
16405 First St., Ste 2
La Pine, OR
Niebur's Tax Svc
(503) 384-0177
10210 SW Park Way
Portland, OR

Data Provided by:
Liberty Tax Service
(866) 871-1040
1036 Ne 3rd St
Bend, OR

Data Provided by:
Fred King, CFP
The H Group, Inc.
Portland, OR
Company: Fee-Only Financial Planner ("No Commissions")
Registered Investor: Yes
Oregon State University
B.S., Business
Years Experience
Years Experience: 6
Wealth Engineering,Income for Life/ Preserve Principal,Medicare Planning,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Pl

Data Provided by:
Harold D. West (RFC®), CLU
(503) 597-2700
5285 Meadows Rd Ste 148
Lake Oswego, OR
Sumner Financial Group Ltd
Education: MA
Years of Experience: 48
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Annuities, Life Insurance, Charitable Planning, Asset Protection

Data Provided by:
Charles G Pattee Pc
(503) 873-4043
422 McClaine St
Silverton, OR

Data Provided by:
Beaver Creek Tax Svc
(503) 557-0130
402 S Beavercreek Rd # 100
Oregon City, OR

Data Provided by:
Data Provided by:

Vehicle Donation Information

Donating Vehicles to Charity

Atypical for our tax system, taxpayers are actually encouraged to help others through deductions. Here's the latest tax information on donating vehicles to charity.

Traditionally, a taxpayer was given a windfall when donating a vehicle to charity. Regardless of the condition, one could claim a deduction for the fair market value of the car. Obviously, the fair market value of a car is a bit of a vague figure. Alas, the IRS has issued new regulations clamping down on unrealistic fair market value claims.

Under the American Jobs Creation Act, the method for valuing a vehicle donated to charity has changed. Instead of claiming fair market value, now you can only claim the actual sales price the charity gets when selling off the car. Put another way, the old rust bucket in the driveway just lost a lot of value for tax purposes.

It is unclear why a "jobs act" would have language related to vehicle donations. Alas, it does. Not only are you restricted to claiming the actual sales price of the vehicle as a donation, you must also take an extra step. You are now required to obtain and retain written and timely acknowledgment of the sales price from the charity of the sales price. If the IRS ever audits you, the receipt needs to be included in your records.

For the fortunate few, there are two exceptions to the new actual sales price rules. The circumstances that will give rise to the exceptions seem pretty far fetched, but you might be the lucky donor.

First, you can claim the fair market value as a deduction if the charity significantly uses the vehicle for its own purposes before selling it. For instance, if the charity uses it for a few months to deliver meals or carry out administrative needs, you get the fair market deduction. Make sure you get something in writing from the charity to back up the deduction claim!

Second, you can claim the fair market value deduction if the charity makes material improvements to the vehic...

Click here to read the rest of this article from