Goodwill Industries of Southwest Florida, Inc.

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Tax Advantage

Donating a vehicle to Goodwill Industries helps us help people with disabilities and disadvantages get jobs.
It's also an easy way to get a tax deduction because Goodwill is an IRS-approved IRS 501(c)(3) nonprofit organization. But before you donate, there are some important things you need to know.

Per IRS Publication 561, all nonprofit organizations are prohibited from assigning values to material donations. That means it's the donor's responsibility to determine the vehicle's fair market value. Since Goodwill was the first nonprofit in the nation to begin accepting vehicle donations back in 1978, here are some tips to make your tax preparation easier:

First and foremost, do your homework and always consult a tax accountant if you have questions about your claim. The fair market value of a donated shirt, for instance, is far different than a used automobile. If a shirt sold new for $40 a decade ago, then you donated it to Goodwill and we resold it for $3.99, then its fair market value for tax purposes is $3.99, not $40.
Other factors, such as mileage, body condition and running condition must be taken into account when assigning a fair market value. You should take several photographs of the vehicle before donating to document the car's condition. We will also have you sign an Odometer Disclosure Statement that can help verify the vehicle's condition. Keep the photographs, your Goodwill donation receipt and your vehicle's maintenance records for several years following the donation. We will also provide you with an IRS Form 8283 -- required for all material donations with a value in excess of $500 - which must be attached to your tax return. Keep a copy of that tax return with your other documentation.
If the claimed value of the donated motor vehicle, boat or plane exceeds $500 and the item is sold by the charitable organization, the taxpayer is limited to the gross proceeds from the sale.

More IRS guidelines for charitable contributions can be found at their web site at http://www.irs.gov/ or by calling toll-free 1-800-829-1040.

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GoodwillSWFL
(239) 995-2106 Fax: (239) 995-5868
4940 Bayline Drive
North Fort Myers, FL 33917