Charities fear impact of change in car donation law
WASHINGTON If you want to get the best tax break for donating a car to charity, better hit the gas. You have only two more weeks to be able to deduct the fair market value of your donation.
A new law that goes into effect in the new year means you'll only be able to deduct the amount the nonprofit gets for the vehicle.
That means if you donate a car next year worth three thousand dollars and the charity only gets 800 dollars for it, your tax deduction is 22-hundred dollars less than it would be this year.
Charities are bracing for a big drop-off in donations, especially in high-value vehicles.
Volunteers of America vice president Ron Field says that will force charities to cut back on the services they provide.
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