June 12, 2008
IRS Finds Huge Drop in Car Donations
A new government report shows that a federal law designed to stop donors from inflating the value of gifts of used cars has had a big effect.
In 2005 — the year the law took effect — the number of automobile donations declined 67 percent from the previous year, from about 900,000 in 2004 to 297,000 in 2005.
The Internal Revenue Service said the amount of money that donors claimed in charitable deductions for these gifts dropped by more than 80 percent
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