TAX DEDUCTION INFORMATION

Tax deductions for vehicles are determined by IRS regulations. The IRS differentiates deductions for vehicles as those sold under $500 and those sold over $500. (Cars For Kids Foundation sells the donated cars at auction; value for the vehicle is determined by auction sale price.)

Both categories require the charity (Cars For Kids Foundation) to send the donor a letter that serves as the official tax donation documentation. The letter must include: year, make, model, Vehicle Identification Number (VIN), title number, donor's name, address, city, state, zip code, The Cars For Kids' federal tax identification number, vehicle tax deduction value.

VEHICLES SOLD $0-$499

Donor receives a $499 tax write-off

IRS REQUIRES ONLY TAX DONATION LETTER FOR DOCUMENTATION

VEHICLES SOLD $500 AND ABOVE

Donor receives the exact amount the vehicle sells for as tax write-off

IRS REQUIRES TAX DONATION LETTER AND FORM 1098C FOR TAX DOCUMENTATION

CARS FOR KIDS FOUNDATION IS REQUIRED TO SEND (FORM 1098C) TO DONOR

DONOR FILES THIS (FORM 1098C) WITH PERSONAL INCOME TAXES

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