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Vehicle Donation Information Pikeville KY

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.

Jackson Hewitt
(606) 437-9303
180 Town Mountain Rd Ste 102
Pikeville, KY

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Tackett, John B PSC CPA
(606) 432-8112
693 N Mayo Trl
Pikeville, KY

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Campbells Tax And Accounting Inc
(606) 886-2030
1938 Ky Route 321 # 3
Prestonsburg, KY

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Mr. David W. Hudson (RFC®), CPAPFS
(859) 219-1601
3306 Clays Mill Rd Ste 102
Lexington, KY
Company
Financial Concepts, Inc.
Qualifications
Years of Experience: 8
Membership
IARFC, AICPA
Services
Invoice, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Business Coach, Education Plan

Data Provided by:
Chris Risher
9900 Corporate Campus Dr
Louisville, KY
Company
Company: C Risher Financial, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BBA
Years Experience
Years Experience: 10
Service
Wealth Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Long-Term Hea

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Liberty Tax Service
(866) 871-1040
9773 Millard Hwy
Pikeville, KY

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Varney's Tax Svc Inc
(606) 353-4923
25135 US Hwy 119 N
Belfry, KY

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Liberty Tax Service
(866) 871-1040
13416 Phelps 632 Rd
Phelps, KY

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Erich Castillo
1008 South Broadway
Lexington, KY
Company
Company: Cornerstone Wealth Management
Type
Investment Advisor Rep: Yes
Education
University of Kentucky
Bachelor of Arts in Education
Bachelor of Business Administration
Service
Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Fee Only Portfolio Management,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicaid,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidatio

Data Provided by:
Mr. Jay H. Millard (RFC®), MBA
(859) 291-0222
408 Fairfield Ave
Bellevue, KY
Company
Millard Advisory Group
Qualifications
Education: Bachelor of ScienceMaster of Business AdministrationFinanceTax
Years of Experience: 13
Membership
IARFC, MDRT
Services
Invoice, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Healthcare Accounts, Asset Protection, Compensation Plans

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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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