IRS CODE: CHANGES RELATED
TO VEHICLE DONATION
The tax laws have changed, you can still donate a vehicle
and maximize your tax benefit.
The new tax deduction for a donated vehicle depends on how
the vehicle is used by the charity. A vehicle can be deducted
at fair market value if the charity refurbishes the vehicle
or makes substantial use of the vehicle.
Vehicles donated to Auto Technical are deductible at fair
market value for the following reasons: ATI refurbishes vehicles
for low income families referred by social service agencies.
Families receive a vehicle for the cost of $1. Auto Technical
also offers a mentoring program for people interested in learning
how to do simple repairs, e.g. tune ups. ATI mechanics work
side by side to teach these skills. Referrals also include
families who are on fixed incomes and need transportation
for medical appointments and other essential life needs. In
all cases, donated vehicles are refurbished, repaired and
become first class vehicles.
Vehicles determined to be parts cars are deductible at fair
market value
based on the condition of the vehicle when donated to Auto
Technical.
If a donated vehicle cannot be refurbished you will receive
a tax donation
receipt of $500. This amount reflects the new IRS tax code.
However Auto Technical uses your donated vehicle, you will
get a higher tax deduction from us than from a charity that
uses an outside agency to handle the donation or that does
not use your donated vehicle as part of the mission of the
charity.
Auto Technical will provide a post card within 30 days giving
you detailed
information about how your donated vehicle was used and the
amount you may deduct on your income tax.
DO SOMETHING GOOD FOR YOURSELF AND HELP A FAMILY ACHIEVE
SELF SUFFICIENCY. DONATE YOUR VEHICLE TO AUTO TECHNICAL AND
RECEIVE FAIR MARKET VALUE.
Auto Technical, Inc. meets standards of the MN Charities Review Council.
Auto Technical, Inc. is a 501 © 3
Nonprofit approved by the I. R. S. Service
And is in compliance with all standards.
Find us at MN Attorney General website
www.ag.state.mn.us
click on charities search and enter Auto Technical and the city which is Columbia Heights. |