According to the Wall sTreet Journal, many taxpayers are giving away used cars, boats or even planes. However, it's generally no longer as attractive for tax purposes as it once was. The reason: changes in the tax law that were made in response to concerns that many donors were deducting inflated amounts. According to a recent Internal Revenue Service report, those changes led to sharp declines in 2005, the year they took effect, in both the number of used-vehicle donors and the dollar amount of deductions.
If you donate a car or some other vehicle worth more than $500 and the charity or a middleman sells it, you typically can deduct only the selling price, even if it's far below what you think the vehicle is actually worth. Previously, donors typically could deduct the full fair-market value.
But the law also includes a few important exceptions for donors who understand the fine print and are willing to take the time to do some homework. Here is a summary of the latest IRS data, the tax-law changes, and advice from accountants and other tax advisers.
'Not the White House Correspondents' Dinner' team was as thrilled about cameos as you - "Full Frontal" correspondents Ashley Nicole Black, Amy Hoggart, and Mike Rubens were less than an hour removed from an event that's been in the works for m...
46 minutes ago