IRS regulations around accepting donated vehicles can be a bit confusing
to sort through but the best resource on proper handling of contributed
vehicles is the IRS web site. You might find reviewing information at
the following links to be useful as you determine how to handle this
potential gift.
A Charity's Guide to Car Donations:
http://www.irs.gov/pub/irs-tege/pub4302.pdf
A Donor's Guide to Car Donations:
http://www.irs.gov/pub/irs-tege/pub4303.pdf
IRS Guidance Explains New Rules for Vehicle Donations:
http://www.irs.gov/charities/article/0,,id=139559,00.html
Deducting Vehicle Donations:
http://www.irs.gov/newsroom/article/0,,id=136939,00.html
Respectfully,
Amy
Amy J. Phillips
Gift Registrar
Smithsonian Institution
-----Original Message-----
From: Museum discussion list [mailto:[log in to unmask]] On
Behalf Of Diane Gutenkauf
Sent: Saturday, July 21, 2007 9:49 AM
To: [log in to unmask]
Subject: Re: [MUSEUM-L] Vehicle Donation
Car donations are trickier than other donations of property as the laws
covering vehicle donations changed a couple of years ago. As a general
rule,
the IRS frowns on the recipient of a donation providing a value for that
object, however this is kind of different for cars. Then provide the
donor
with a signed 8283 form. For other gifts of property, the donor provides
a
valuation and the recipient just proves they received the object.
I'd be sure I checked with the IRS on how to value the car.
I imagine the title transfer is fairly straight forward...you should
check
with the state office that handles title transfers in your state. In
Illinois, it is the Secretary of State's office.
Diane Gutenkauf
Director
Robert R. McCormick Museum
[log in to unmask]
On Fri, 20 Jul 2007 11:06:59 -0400, Rhonda Mauk <[log in to unmask]>
wrote:
A generous donor just offered to donate to my organization a used Ford
Expedition. Outside of writing him a thank you letter that lists the
vehicles value, is there anything else me, or my organization, should do
to
proper facilitate this exchange? Anything we should be aware of when
doing
the title transfer. This is the first time someone has donated a vehicle
to
us and I want to make sure its handled properly.
Thanks in advance!
Rhonda Mauk
Fund Development Director, Youth Education in the Arts
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