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Additionally, the value of non-cash charitable contributions is limited to 50% of your adjusted gross income, which can be a "real hassle" if you're donating a newer used car, which are "valuable right now," he said. The donor must include the 1098-C when they file their individual tax return, and detail the donation on Schedule A. If you made more than $5,000 in non-cash charitable contributions, you'll also fill out Form 8283, Lucas said. Even if you don't see a tax benefit, you relieve the charity of the effort and expense of repairing and selling the car. How to vet a nonprofit for a car donationIf you plan to donate a car, make sure the organization is a 501(c)(3) organization, Campo explained.
Persons: Manusapon, Albert J, Lucas, you'll, Campo Organizations: AJC Accounting Services, IRS Locations: Manalapan , New Jersey
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