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If the donated vehicle is sold for less than $500, you can claim the fair market value of your vehicle up to $500 or the amount it is sold for if less than fair market value. If the donated vehicle sells for more than $500, you can claim the exact amount for which the vehicle is sold.

The Internal Revenue Service (IRS) requires you to calculate your deduction in one of two ways, depending on how the charity uses your donation. Deductions for cars the charity sells are limited to the sales price. In all other cases, you can use the car's fair market value.

There are the four specific conditions in which the IRS allows you to claim the maximum deduction (fair market value) of a donated car: When the charity auctions the car for $500 or less, you can claim the lesser of the fair market value or $500.

Yes, there would be a severe impact on the auto insurance quotes if the vehicle or the driver has been in an accident. According to a study, a car which has been in an accident causing both damages to the vehicle and to the driver would have an increase of 1.3 times the regular insurance rates. Similarly, an accident involving only the damage to th

You Can Donate Your Car Even if it is Not Running. You can still donate your car to charity & receive a tax deduction.

Generally, donations are tax deductible. You can deduct the fair market value of the car if the charity gives the car away or uses it for charitable purposes. If the charity sells the car, you can deduct the amount and get a break on your taxes.