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Vehicle Donation Information Hilo HI

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.

Kevin E. Lewis, EA
(808) 934-0144
908 Kumukoa St.
Hilo, HI
 
H&R Block
(808) 965-2388
15-2945 PAHOA VILLAGE rd
PAHOA, HI

Data Provided by:
Michelle H. Tucker (RFC®), CPAPFS, JD
(808) 791-1444
820 Mililani Street, #401
Honolulu, HI
Company
Tucker Wealth Management, Inc.
Qualifications
Education: BBA, High Honors Accounting, University of Hawaii; Juris Doctor, William S. Richardson School of Law
Years of Experience: 28
Membership
IARFC, FPA, AICPA, Bar
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Medicaid Planning, Tax Planning, Tax Returns, Seminars Work, Mutual Funds, Charitable Planning, Asset Protection

Data Provided by:
Conrad Takehara
2051 Young Street #89
Honolulu, HI
Service
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,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Busine

Data Provided by:
Liberty Tax Service Omni Financial
(808) 622-2677
1680 Wilikina Dr Ste 2
Wahiawa, HI
 
H&R Block
(808) 961-5487
325 E MAKAALA ST
HILO, HI

Data Provided by:
Ms. Amber Maureen Puanani Doig (RFC®), CSA, EA
(808) 637-9690
66-250 Kamehameha Hwy., Suite C-209
Haleiwa, HI
Company
Financial Management Solutions, Inc.
Qualifications
Education: BBA
Years of Experience: 30
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Business Coach, Education Plan, Healthcare Accounts, Compensation Plans

Data Provided by:
Mr. John D. Cornillez (RFC®), CSA, LUTCF, RFP
(808) 884-5388
P.O. Box 1245
Kapaau, HI
Company
The Cornillez Group, LLC
Qualifications
Education: BS
Years of Experience: 22
Membership
IARFC, MDRT, SCSA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Tax Planning, Employee Benefits, Annuities, Life Insurance, Long Term Care Insurance, Medical Insurance, BuySell

Data Provided by:
Mr. Calen R. Matsuno (RFC®), RFP
(808) 589-3344
803 Kamehameha Hwy Ste 414
Pearl City, HI
Company
Advantage Group, LLC
Qualifications
Education:
Years of Experience: 27
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Koko Head Bookkeeping & Tax Service
(808) 395-7141
6650 Hawa Kai Dr Ste 230
Honolulu, HI
 
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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