[V8] re: donating the car and deducting the donation

[Ed Kellock]

The loan value of a 1990 V8q that I just purchased two weeks ago was 5600.

Ed

On Wed, 1 Sep 2004 21:24:59 -0400, Roger M. Woodbury
<rmwoodbury at downeast.net> wrote:
> I have donated cars and boats recently.  My accountant has advised that
> donations with a dollar value below $5000 do not need documentation from
> appraisal.  Above that, an appraisal is necessary to prove the deduction at
> audit.
> 
> Donating a 1990 V8 should be easy, as almost any appraisal will show the
> car's value below $5,000.  Sad, but true.
> 
> The easiest way to have a car appraised, is to take it to an authorized
> dealer and explain that the purpose of the appriasal is to facilitate a
> donation to a charitable organization.  The dealer will likely write an
> appraisal addressed to the charity.  The appraisal will probably not be
> worth anything is you change your mind and decided to try to get the
> dealer's value at trade in instead of donation, but for the purposes of
> justification of the donation to the IRS, the dealer's appraisal will be
> sufficient.
> 
> Roger
> 
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