Tax Questions

If you itemize deductions on your income tax return, it may be possible to claim a deduction for your car donation to Vets Vehicles. The deductible amount of your vehicle donation is the selling price of your vehicle.

If you donate your car and it sells for less than $500 you can take a tax deduction equal to the 'fair market value' of your donation up to $500. The 'fair market value' of your vehicle donation can be determined by vehicle valuation guides such as "Kelley Blue Book". Go to www.kb.com for more information.

Once you donate your vehicle, you will receive a receipt within 30 days of its sale that will include the following information:

  1. The gross selling price of the vehicle (if it sold for greater than $500)
  2. The vehicle's Year, Make, Model and VIN Information
  3. A statement that the vehicle was sold at arm's length between two unrelated parties
  4. A statement that no goods or services were received in return for your contribution.

If you still have questions, feel free to call 888-838-7834 to speak with one of our vehicle donation specialists. Also, check out the IRS Donor's Guide to Car Donation.

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