June 23, 2005
Government Releases Rules for Donations of Vehicles
The Treasury Department has issued guidelines to explain how donors of vehicles can take tax deductions for the gifts under a new law. The guidelines say that donors can take a larger deduction for vehicles that are eventually sold by charities to poor people for less than their real value.
The law, which took effect January 1, tightens rules for donations of cars, trucks, and other vehicles. The changes aim to prevent individuals and companies from taking overly generous deductions
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