Automobile Donation: Do It In 2004 or Lose $$$

Thinking about donating your car to charity? Think about acting quickly, because the tax laws affecting automobile donation will change on January 1, 2005… and they won’t change for the better. Once the new law goes into effect, you will not be allowed to write off your donated vehicle’s Fair Market Value. Instead, you will only be able to write off the donated vehicle’s actual sale price at wholesale auction. These changes could cost you hundreds or thousands of dollars.

The ever-marvelous Kelley Blue Book has published six tips to safeguard your interests and maximize the write-off on your donated automobile. If you’ve considered automobile donation as a good way to get rid of an old clunker while doing some charitable good, read on…

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