Charity officials are bracing themselves for new rules on car donations that they feel will deter people from donating. The new law will allow donors to write-off $500.00 more than the amount of money the vehicle is sold for.
That´s a change from previous regulations that allowed the donor to deduct
the fair market value of the car. Representatives of several charities say car donations have been a boost to their bottom lines, but they believe the new rules cut that in half. Some — like the Sacramento S-P-C-A — are urging donations before Saturday while the more generous tax break is in effect.
This post was last modified on 01/31/2009 4:41 pm