Charitable Donations of Motor Vehicles
- Takes effect next year
- Applies to donations with a claimed value in excess of $500
- Dictates that if the donated item is sold by the charity, the donor's deduction generally will be limited to the gross proceeds from that sale (and not the market value of the item)
- Requires taxpayers to get from the charity a "contemporaneous" written acknowledgment
Quoted From – National Association of Enrolled Agents Newsletter October 15, 2004 |
