As a participant in The Yellow Ribbon Vehicle donation program, you can take pride in knowing you have assisted and supported those who have served you. Your donation not only reflects your patriotism but your appreciation for those who have secured your freedoms.
EMERGENCY FINANCIAL ASSISTANCE
Your donation will not only provide the opportunity for direct financial support for those in need, but will help maintain ongoing financial education through one on one and group coaching/counseling.
Housing Assistance & Education
Your donation will help support customized pre-purchase counseling so the home buying process will be less challenging and the budgeting tools to remain in the home will be available. Qualified families may also receive down payment assistance.
Q&A About Tax Deductions
- Will I receive a tax deduction for donating my vehicle?
- How will the value of my vehicle be determined for tax purposes?
- When can I expect a receipt for tax purposes?
Will I receive a tax deduction for donating my vehicle?
The sale of your vehicle will support a 501(c)(3) charitable organization so it is tax deductible. Since each donor’s tax situation is different we recommend that you consult your tax professional.
To learn more about how vehicle donations affect your tax status please visit www.irs.gov and search for “car donation”. The IRS has several articles and tips that will answer questions about your specific situation.
The following resources may be useful in answering questions about your particular tax situation.
- IRS Publication 4302: A Donor’s Guide to Car Donations
- IRS Publication 526: Charitable Contributions
- IRS Publication 561: Determining the Value of Donated Property
- IRS Form 8283: Non Cash Charitable Contributions (Instructions)
- IRS Form 8283: Non Cash Charitable Contributions
- IRS Publication 1098-C: Instructions for Form 1098-C,
Contributions of Motor Vehicles, Boats, and Airplanes
How will the value of my vehicle be determined for tax purposes?
As of January 1, 2005 the IRS has taken the guesswork out of determining the value of your vehicle for tax purposes. If your vehicle sells for less than $500 you can claim the fair market value of your vehicle up to $499. If your vehicle sells for more than $500 you can deduct the actual sale price of your vehicle. We will provide you with a receipt after your vehicle is sold through Auto-Donation.com.
When will I receive a receipt for tax purposes?
Your receipt will be generated as soon as the vehicle sells. In most cases you can expect a receipt within 30 days from the time we pick up your vehicle.