Guidance on charitable vehicle donations.

• Position: IRS Update - Brief Article

The IRS has released guidance on charitable deductions for donated vehicles.

[ILLUSTRATION OMITTED]

The American Jobs Creation Act limited the vehicle deduction to the actual sales price of the vehicle when sold by the charity, requiring donors to get a timely acknowledgement from the charity. But if the charity makes a significant intervening use of a vehicle, the donor may deduct the...