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Vehicle Donation Information Cloquet MN

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.

Income Tax & Consultants
(218) 727-0164
515 E 4th St
Duluth, MN

Data Provided by:
Nathan Running
4021 Vernon Ave South
Saint Louis Park, MN
Company
Title: Wealth Advisor
Company: Running Wealth Management, Inc.
Type
Investment Advisor Rep: Yes
Education
Montana State University, BS Business Management and Economics
Years Experience
Years Experience: 12
Service
Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Retirement Income Distribution Planning,Individual Income Tax Planning,Disability Insurance,Retirement Planning,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,Medicare Planning,Annuities,Alternative Asset Class Planning,Commission-Only Financial P

Data Provided by:
Terry Nelson, CFP MS
1957 Lake Street
Roseville, MN
Company
Title: CFP, Investment Advisor
Company: Hometown Financial Planning
Type
Registered Investor: Yes
Education
College for Financial Planning - Masters Degree
MSU - BA in Finance
Eau Claire - Law Enforcement
Years Experience
Years Experience: 24
Service
Annuity Ideas & Strategy Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Planning For Personal Finances & Budgeting,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,401k Rollover From Employer,Income for Life/ Preserve Princip

Data Provided by:
Mr. James Dean Goedtke (RFC®), CSA
(507) 836-8844
2648 Broadway Ave.
Slayton, MN
Company
Investors Choice Financial Services Inc.
Qualifications
Education: BS
Years of Experience: 22
Membership
IARFC, FPA, SCSA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement 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 Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
7455 Currell Blvd # 103
Woodbury, MN

Data Provided by:
Mr. Bryan J. Polley (RFC®), CFP
(651) 639-8707
1900 Silver Lake Rd Ste 314
New Brighton, MN
Company
Counsel Wealth Management, Inc.
Qualifications
Education: Bachelor of Science degree in business management from the Carlson School of Management
Years of Experience: 8
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Precious Metals, Annuities, Life Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Asset Protection, BuySell, LiabCover

Data Provided by:
David L. Hurry (RFC®), MBA
(651) 653-6887
8945 Hwy 5 Suite A
Lake Elmo, MN
Company
Heartland Capital Management
Qualifications
Education: BA, MBA
Years of Experience: 10
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

Data Provided by:
Lisa Schurhammer
1700 2nd Ave No
Sauk Rapids, MN
Company
Title: President
Company: Retirement America, LLC
Type
Investment Advisor Rep: Yes
Service
Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,Medicare Planning,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income Tax Planning,Wealth Management,Annuities,Alterna

Data Provided by:
Boquest Tax And Business Services Inc
(612) 521-2800
919 W Broadway Ave
Minneapolis, MN
 
A Fast Return Wallin Tax
(952) 881-1040
8515 Lyndale Ave S
Minneapolis, MN
 
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...

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