April 3, 2008
Law on Vehicle Gifts Produces Mixed Results
In a new report, the Government Accountability Office has found that charities have had mixed experiences with donations of cars and other vehicles after a 2005 law altered how much donors could deduct for such gifts.
Before January 1, 2005, donors could claim a tax break equal to the fair market value of a donated vehicle. After that date, donors could deduct only the amount for which the charity later sold the vehicle. The government changed the law because it found examples of
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