Value Of Your Car

The IRS has taken issue with the value that taxpayers claim on their donated vehicles. Make sure you value your car correctly in case you are audited. There have even been changes in laws that govern deductions on car donations. Keep in mind that you will not be able to deduct the fair market value of vehicles worth more than $500. Once your car is sold, the charity organization that you have chosen will send you a receipt to give you confirmation of the exact amount your car was auctioned for. By completing your taxes the correct way, you will have nothing to worry about if you are subjected to an audit.