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Tax Season Reminder: Vehicle Donations Still Needed
Date:4/10/2008

ngressional review.

Meantime, as the April 15 tax deadline approaches, charities are urging donors to take full advantage of the existing tax incentives. "Believe it or not, many Americans who donate vehicles fail to claim the benefits they deserve," Reynolds said.

Beginning in 2005, taxpayers could deduct only the sales price of the donated vehicle when sold by the charity or commercial auction for over $500. Previously, taxpayers could claim the estimated fair market value for any donated vehicle. Charities cite the uncertainty about the timing and amount of the final sale as reasons for public confusion about the rule changes.

The GAO study documented overall decreases in vehicle donations of 15 percent in 2005 and another 28 percent in 2006. The study also showed declines in resulting charitable revenues of nine percent in 2005 and an additional 17 percent in 2006.

For more detail or leads on affected charities in your community, please call:
Chad Iseman, National Kidney Foundation (http://www.kidneycars.org) -

816-221-9559 x110

James Reynolds Jr., Cancer Fund of America (http://www.cfoa.org) -

480-659-9507

Charles Sisson, Massachusetts Meals on Wheels

(http://www.coastlinelderly.org) - 508-999-6400 x127

Jeff Thom, California Council of the Blind (http://www.ccbnet.org) -

916-995-3967


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SOURCE National Kidney Foundation
Copyright©2008 PR Newswire.
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