Changes in tax laws do not affect the benefits that Advent receives from your donation. Changes may, however, affect how much a donor may claim on their taxes. Please consult your tax professional to ensure compliance with IRS regulations.
The amount you may deduct for a vehicle contribution depends upon what a charity does with the vehicle. Advent typically sells the vehicles that are donated to us. If we sell your vehicle, your deduction is limited to the gross proceeds from the sale. However, there are certain exceptions. Please see the IRS publication 4303 A Donor’s Guide to Vehicle Donations https://www.irs.gov/pub/irs-pdf/p4303.pdf or more information.
NOTE: Advent is not in a position to accept vehicles that are non-operational.
For miscellaneous, non-motorized donations (real estate, furniture, jewelry, etc.), you may, in most cases, deduct the fair market value of the item.* Generally, an appraisal will be required if the item is valued at $5,000 or more. For more information, please refer to IRS Publication 561 https://www.irs.gov/pub/irs-pdf/p561.pdf and contact a tax professional.
*Fair Market Value is the price a willing buyer would pay and a willing seller would accept for an item, when neither party is compelled to buy or sell, and both parties have reasonable knowledge of the relevant facts.