Car Donation - Form 8283
Answer:
If the fair market value of your donation is greater than $500. you must complete Section A of Form 8283 – Non Cash Charitable Contributions.
For non-cash contributions of more than $5,000, an appraisal is required. In that case, you must also fill out Section B of Form 8283.
The IRS is aware that certain organizations are issuing inflated blue book value statements regardless of the condition of the vehicle.
You should consider taking a picture of the vehicle at the date of donation for substantiation of the condition.
You may also consider not claiming the full value that was given to you from the charitable organization. Speak to your local CPA for his or her opinion on the amount of the contribution you should claim.
For non-cash contributions of more than $5,000, an appraisal is required. In that case, you must also fill out Section B of Form 8283.
The IRS is aware that certain organizations are issuing inflated blue book value statements regardless of the condition of the vehicle.
You should consider taking a picture of the vehicle at the date of donation for substantiation of the condition.
You may also consider not claiming the full value that was given to you from the charitable organization. Speak to your local CPA for his or her opinion on the amount of the contribution you should claim.
