Tax Write Off for Donation Car to Family Member
September 5th, 2009Can I get a tax write off if I donate my car to a family member?
I know you can get a tax id number and then write the car off if you donate your car to a charity but can you get one donating your car to a family member I rather give the car to my brother-in-law knowing that he and his family need a car bad. So please let me know if I can get a tax id number for donating a car and write that off on your tax return.
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No you can’t it must be a real charity. Otherwise everyone would call it donation when it is just a gift to family.
You may not have anyhow if you don’t itemize and the charity must sell the car to determine the deduction. If they use it in the charity you don’t have a value to declare.
While there is a tax exemption on family gifts, the amount is limited. I believe it’s in the order of $10,000 which most likely covers typical used cars but double check the limit as it may have changed recently.