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Article: New law to give smaller tax break for used-car donations.
- Article from:
- The Beaumont Enterprise (Beaumont, TX)
- Article date:
- November 29, 2004
CopyrightCOPYRIGHT 2004 The Beaumont Enterprise. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Beth Gallaspy
Nov. 29--Hoping to turn a used car into a tax-deductible donation to charity? Better hurry.
A change in tax law means those generous donations won't bring as big a break from the Internal Revenue Service after Jan. 1.
Under current law, a taxpayer filing an itemized tax return can deduct the fair market value of an automobile given to a nonprofit.
Starting next year, if the charity resells the vehicle, the maximum deduction will be the sale price.
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