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SANTA MONICA, Calif., Dec. 10, 2013 /PRNewswire/ -- Donating a car to charity can be a significant and selfless act, especially during the holiday season. But if you're looking to maximize the tax deduction for your charitable effort, there are a few specific points that you should consider, says Edmunds.com, the premier resource for car shopping and automotive information.
"Until 2005, donors could simply deduct the 'fair market value' of the vehicle, but today's rules are much more stringent, and it's nearly impossible to deduct the full market value," says Edmunds.com Consumer Advice Editor Carroll Lachnit. "Understanding the proper procedures can help donors get the most out of their deductions and -- more importantly – avoid penalties if audited."
Of course, some car donors won't bother with the tax implications, and for them, the process is as simple as calling up a charity and arranging delivery. But to help other donors navigate the sea of tax regulations – or to help them determine if it makes financial sense – Edmunds.com shares five helpful tips:
While these tips can serve as a helpful guide, Edmunds.com strongly encourages anyone who deducts a charitable gift (including a car) to consult with a tax professional before they file their returns.
More details on Edmunds.com's tips on donating a car to charity can be found at http://www.edmunds.com/sell-car/does-charity-car-donation-still-make-sense-under-tougher-irs-rules.html.
About Edmunds.com, Inc.
Edmunds.com is a car-shopping Web site committed to helping people find the car that meets their every need. Almost 18 million visitors use our research, shopping and buying tools every month to make an easy and informed decision on their next new or used car. Whether you're at the dealership or on the go, we're always by your side with our acclaimed Edmunds.com iPhone and iPad apps and our Edmunds.com Android App. Our comprehensive car reviews, shopping tips, photos, videos and feature stories offer a friendly and authentic approach to the automotive world. We're based in Santa Monica, Calif., but you can connect with us from anywhere by following @Edmunds on Twitter or by becoming a fan of Edmunds.com on Facebook.
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