Sunday, 3 January 2016

Donating car tax Deduction

Donating car tax deduction – According to the Fiscal Code, as amended and supplemented, are exempt from special taxes cars when they are either employed in historic vehicle category, as defined by the law in force, either from donations or directly funded through grants and of scientific and technical cooperation programs, to institutions of education, health and culture ministries, other bodies of public administration, ownership structures and unions at the national level, public utility associations and foundations, by foreign governments, international bodies and organizations caritate.The nonprofit and therefore cars coming from donations not covered by the first registration tax. It is necessary, of course, that the donation be validly concluded by authentic act before a notary public.

Donating car tax Deduction

Are exempt vehicles first registration tax from donations, whether they are running or are new since the law does not distinguish. It can be seen as a special tax law exempts only cars from car donations, not commercial vehicles, even if they were acquired by donation. The latter covered the first registration fee, regardless of displacement, except for commercial vehicles with a maximum authorized total weight of 3.5 tons including specially fitted TLS disabled and those belonging to diplomatic missions, consular posts and members them, and other organizations and foreign individuals with diplomatic status.

Donating car tax information

Donating car tax deduction guide by IRS: http://www.irs.gov/pub/irs-tege/pub4303.pdf Example: You donate your car to the local high school for use by students studying car repair. Your credit union representative told you that the “blue book” value of the car is $1,600. However, your car needs extensive repairs, and after some checking, you find that you could only sell your car for $750. Your charitable contribution deduction may not exceed $750, the fair market value of the car.