|
|
| |
|
|
| |
|
Car Donation Values
Certain commercial firms and trade
organizations publish guides, commonly called "blue books,"
containing complete dealer sale prices or dealer average
prices for recent model years. The guides may be published
monthly or seasonally, and for different regions of the
country. These guides also provide estimates for adjusting for
unusual equipment, unusual mileage, and physical condition.
The prices are not "official" and these publications are not
considered an appraisal of any specific donated property. But
these guides do provide clues for making an appraisal and
suggest relative prices for comparison with current sales and
offerings in your area. Some of the guides we have seen
used most often are
NADA Guides
and Kelly Blue Book.
|
|
|
|
|
|
Example
You donate your car to charity for them
to sell or give to a needy family.
Your research tells you the value of the car
is $4800. However, your car needs
extensive engine repairs which a mechanic has
quoted your $1500. You would then deduct the cost of
repairs from the value of the car and your deduction would
end up being $3300. If
your vehicle is valued at $10,000 by an online guide and
your repairs are estimated at $4000 by a qualified
repairman (insurance appraiser, independent body shop, or
mechanic shop) then your donation would have to be
verified by a third party appraiser. |
 |
|
Appraisals
Generally, if the claimed deduction for
an item or group of similar items of donated property is
more than $5,000, you must get a qualified appraisal made
by a qualified appraiser, and you must attach an appraisal
summary (Section B of Form 8283) to your tax return. These
are some samples of professional appraisals, the donors
names and the name of the appraiser has been changed.
These donors supplied the appraiser with a full list of
features of their donated boats and cars as well as recent
pictures inside and out allowing the appraiser to
accurately assess their donation. |
|
|
|
|
|
The
appraiser upon completion filed an
8283 form
which was sent to the charity and then to the donor who submits it
along with his taxes.
On
March 26, 2004, Ryan J. Hosafish & Associates performed a
professional appraisal of your vehicle. The vehicle was examined
by information and pictures furnished and the following are the
details of our assessment of your vehicle’s current market value.
Year: 1988
Make: Chevrolet
Model: 2500 Pickup HD Extended Cab Long Bed
Vin: 1GNDmasdf146163
Engine: V/8 5.7 Liter Gas
Mileage: 139,000
Equipment: All standard factory equipment in excellent condition
and
working properly. The body of the vehicle does not have any
appreciable
damage. Additional equi8pment. Power seats, Compact Disc Player,
Aluminum /Alloy Wheels and Silverado.
The appraised value of this vehicle is based upon industry and
professional publications, posted prices and personal knowledge of
vehicle retail sales. Because of the excellent care and condition
of
this vehicle it is valued above the national average.
TOTAL APPRAISED VALUE OF THE ABOVE STATED VEHICLE IS: $14,025.
(Fourteen thousand twenty
five dollars.)
|
|
|
On
April 1, 2004, Joy & Joy Associates performed a professional
appraisal of your vehicle. The vehicle was examined by
information and pictures furnished and the following are the
details of our assessment of your vehicle’s current market value.
Year: 2001
Make: Toyota
Model: MR2 Spyder
Vin: JTDFR398654300326553
Engine: 4 cyl gas
Mileage: 5,500
Equipment: All standard factory equipment in excellent condition
and
working properly. The body of the vehicle does not have any
appreciable
damage. Additional equi8pment. Theft Recovery system Power seats,
Compact Disc Player, Aluminum /Alloy Wheels and Silverado.
The appraised value of this vehicle is based upon industry and
professional publications,posted prices and personal knowledge of
vehicle retail sales. Because of the excellent care and condition
of
this vehicle it is valued above the national average.
TOTAL APPRAISED VALUE OF THE ABOVE STATED VEHICLE IS:
$19,200 (Fourteen thousand twenty
five dollars.)
|
|
|
On June
26, 2003, Keisatsu & Associates performed a professional appraisal
of your vehicle. The vehicle was examined by information and
pictures furnished and the following are the details of our
assessment of your vehicle’s current market value.
Year: 1982
Make: Mercedes-Benz
Model: Roadster
Vin: WDB1120136003
Engine: 6 cyl gas
Mileage: 224,500
Equipment: All standard factory equipment in excellent condition
and
working properly. The body of the vehicle does not have any
appreciable
damage..
The appraised value of this vehicle is based upon industry and
professional publications, posted prices and personal knowledge of
vehicle retail sales. Because of the excellent care and condition
of this vehicle it is valued above the national average.
TOTAL APPRAISED VALUE OF THE ABOVE STATED VEHICLE IS: $17,870 (Fourteen thousand
twenty
five dollars.)
|
|
|
An
appraiser
The IRS recommends
If you
claim a deduction on your return of over $500 for all contributed
property, you must attach a
Form 8283,
Noncash Charitable Contributions, to
your return. If you claim a total deduction of $5,000 or less for
all contributed property, you need only complete Section
A of Form 8283. If you claim a
deduction of more than $5,000 for an item or group of similar
items, you need to complete Section B of Form 8283, which requires
a qualified appraisal by a qualified appraiser.
You
will need to obtain and keep evidence of your car donation and be
able to substantiate the fair market value of the car. If you are
claiming a deduction of $250 or more for the car donation, you
will also need a written acknowledgement from the charity that
includes a description of the car and a statement of whether the
charity provided any goods or services in return for the car and,
if so, a description and estimate of the fair market value of the
goods or services.
For
more information on these requirements, refer to
Publication 526,
Charitable Contributions,
Publication 561,
Determining the Value of Donated
Property, Form
8283, Noncash Charitable
Contributions, and its instructions, and
Tax Topic 506,
Contributions. |
|
| This page is
best viewed at 1024 x 768 with Internet Explorer and Flash MX
plugin |
Copyright ©
2004 Cardonationvalues.com, ALL RIGHTS RESERVED. |
|
|
| |
|
