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Randy Hayes
Randy Hayes is the manager of Habitat's HomeMart located at Towne West in the old Office Depot location. Having been in the retail furniture business for 20 years, and having started both Home Accents and Cost Plus Furniture Warehouse, Randy jumped at the opportunity to further his career in the furniture industry while giving back to those in need. Habitat's HomeMart is a non-profit retail store with all profits going to building homes for Wichita Habitat Homes. Randy, an avid Dallas Cowboys fan, has two sons who he enjoys watching progress in their football careers in the Maize school district. You can reach Randy at (316) 943-6996 or email rrhayes@habhomemart.com
Furniture
2004-10-01 11:05:00
Is car donation to charity really tax deductible?
: What's the story behind donating a vehicle to charity? Is it really tax deductible?
ANSWER: Most vehicles and vessels are eligible for donation including but not limited to cars, trucks, trailers, boats, RV's, pop-up campers, motorcycles, trailers, ATVs, golf carts, snowmobiles and jet skis. Usually, it is required that boats have a trailer so that it can towed easily, but sometimes an exception can be made. In Kansas, boats do not need titles, but a bill of sale or other paperwork proving ownership is helpful. The charity that you are donating to will be able to help you with required specifics. Trailers under 2,000GW do not require title and registration, but proof or ownership or a bill of sale is required.Most charities accept vehicles, running or not, for resale purposes. If not running, the vehicle must be 'tow able'. There must be a clear title to the vehicle; that is, it must be unencumbered by a lien. You should remove your license plates from the vehicle and return them to your state's Department of Motor Vehicles, if required, and be sure to remove any personal possessions from your vehicle. Make sure that all four tires are inflated, and the vehicle should be intact with no major part missing.Vehicle/Vessel donations are tax deductible to the full extent of the law. However, individual tax situations vary so always check with a tax professional to determine what if any tax benefit you may receive from a tax deductible donation. The IRS allows the donor to assess the fair market value of a vehicle. A receipt is provided to verify that a donation was made, but the receipt will not indicate the value. To decide a value to place on your vehicle, refer to the Kelly Blue Book. It's a good idea to keep this information with your receipt. Don't forget to take into consideration the mileage and condition of your vehicle when assessing its fair market value. For additional information, the IRS provides a Donor's Guide to Car Donations, which sets forth the manner in which the IRS requires you to determine the value of your donated property.  For more information, check the Internet for IRS Publication 4303 - A Donor's Guide to Car DonationsIf you are thinking of donating a vehicle to one of the many deserving charities, give them a call to find out the specific details for that entity. Donations are greatly appreciated!
 
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