Cars, Homes & Tax Deductions

Written by Peter Tran

June 30, 2017

The economc drought hs stunted mny s’ blty to serve ther communtes just when ther servces re most needed.  s trdtonl donton strems dry up, chrtes re reelng to uncover new revenue sprngs.  One exmple of cretve, busness-lke soluton hs been Hbtt for Humanity’s Cars for Homes Program.  Ths progrm llows for the donton of vrtully ny vehcle runnng or not to help fmles obtn ffordble homes nd shelter.  The Crs for Homes Progrm combnes chrtble gvng wth n extrordnry level of customer servce.  Wnt to rd the drvewy of the unused vehcle you must stll py nsurnce for (or s n my cse the “ol-drppng eyesore” the Msses wnts gone)?  Wnt to help your locl Hbtt for Humnty orgnzton, nd get potentl tx deducton?  t’s s esy s mkng phone cll or vstng webste.

How does t work? Hbtt for Humnty hs temed up wth compny nmed dvnced Remrketng Servces, nc (RS) to collect, process nd properly report ll donted vehcles to the RS nd the Donor.  Vehcle dontons (whch cn nclude bots, RVs, rplnes even frm nd constructon equpment) re mde by cllng (877) 277-4344 or by vstng  Once the vehcle’s ttle s receved n RS representtve wll be out to pck up the vehcle on behlf of Hbtt for Humnty. 

Does the Condton of the Vehcle Mtter?  Hbtt for Humnty wll ccept most vehcles s long s they hve four nflted tres, re n one pece, nd the vehcle’s vlue exceeds the cost of towng nd trnsport.

How Much Cn Deduct on My ?  Be e: The tx rules regrdng vehcle deductons chnged few yers go but cn stll result n tx deducton for those who temze deducton on .  Pror to 2005, tyers could smply clm the vehcle’s fr mrket vlue (FMV) obtned from reference gude such s Kelley Blue Book.  Snce 2005, however, the rules hve become more strct nd complex.  The deducton mount llowed (f over $500) depends on how the orgnzton uses the vehcle.  The chrty reports ths use to both donor nd the RS v Form 1098-C, Contrbutons of Motor Vehcles, Bots nd rplnes. 

How the Vehcle Deducton s Clculted

Outrght sle by chrty: f the vehcle s sold by the chrty to dsnterested thrd prty, the deducton s lmted to the proceeds from the sle.  The chrty reports ths mount on 4c of Form 1098-C. 

mprovements pror to sle:  f the chrty mkes sgnfcnt mprovements to the vehcle (reprs tht substntlly ncrese the vehcle’s vlue), the donor wll be ble to deduct the vehcle’s FMV s of the dte the contrbuton ws mde.  The chrty notfes the donor nd RS of these mprovements by checkng 5 nd descrbng the mprovements n 5C on Form 1098-C.

Sle or trnsfer to needy ndvdul: f the chrty sells or gves the vehcle to needy ndvdul the donor wll be ble to deduct the vehcle’s FMV s of the dte the contrbuton ws mde.  Ths s true even f the chrty sells the vehcle for less thn ts FMV.  The chrty notfes the donor nd RS of these mprovements by checkng 5B on Form 1098-C.
Sgnfcnt use by chrty:  f the chrty retns the vehcle for use n ts chrtble purpose, the donor cn deduct the vehcle’s FMV s of the dte the contrbuton ws mde.  The chrty notfes the donor nd RS by checkng 5 nd descrbng the vehcle’s use n 5C on Form 1098-C.

These reportng requrements pply when the vehcle’s “clmed” FMV exceeds $500.  f Form 1098-C s not receved, the donor cnnot deduct more thn $500 for the vehcle.  f the donor s llowed to deduct the vehcle’s FMV they must be ble to substntte the deducton clmed.  Donors re not enttled to deduct the vlue lsted n ny vluton gude unless they cn prove the vehcle’s condton rnts the clmed vlue. 

Ths rtcle shres Hbtt for Humnty’s Crs for Home’s Progrms nd nformton on deductng donted vehcles (ncludng bots nd rplnes) to chrty.  There remn, however, mny tonl tx lmttons.  s lwys, plese remember tht ths or ny rtcle does not consttute or replce the dvce of qulfed professonl.  f you hve ny questons regrdng your chrtble gvng or ny other tx ssue, plese feel free to cll our offce t (304) 267-2594.

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