Good News Garage May Be a Better Option For your Car Donation
If you've contemplated what to do with that older car that won't offer much at trade-in — and not worth the effort to sell on your own — the Good News Garage has some great news for you.
As reported in a
Barre Montpelier Times Argus' Talk of the Town column,
recent tax law changes have altered the value of the deduction you can take for a car donation.
Most charities which accept vehicle donations will in turn sell them at auction... and it's that auction price that you can now deduct when you file your taxes.
Good News Garage, on the other hand, can turn your old car around to serve an individual or family in need. If a donated vehicle is used directly by a low-income family, the donor can deduct the vehicle's "fair market value" or the value of the car if it had been sold on the open market. The fair market value is almost always higher than the price the car gets at auction.
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