Ronald J. Cappuccio, J.D., LL.M. (Tax)

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Donate Your Car Now!

| Dec 17, 2004 | Uncategorized

Until January 1, 2005, any car worth less than $5000 donated to a charitable organization can be deducted based on the reasonable “blue book” value. The new tax law, effective Jan. 1, 2005, limits your deduction for donations greater than $500 to the gross proceeds received by the charity from the sale of the car, rv, etc.

see: http://www.TaxEsq.com

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