RV Tax Deductions
RV Tax Deductions: Get Rewards for Helping Struggling Breast Cancer Patients
By making an RV donation with Breast Cancer Car Donations, you not only support struggling breast cancer patients and their families; you also get the opportunity to receive hefty RV tax deductions from us for your charitable act. It’s the least we could do to show you our gratitude for your kind heart.
Be sure to have your tax return itemized when claiming your RV tax deductions. We assure you that we will do our best so that your donated RV will fetch its highest possible price during the auction. This is for everyone’s benefit.
After we’ve successfully sold your RV through auction, we will mail you a 100 percent tax-deductible receipt that will indicate your donation’s sale price.
If your vehicle was sold for less than $500, you have two options: First, claim as tax deduction its exact selling price. Second, check your vehicle’s fair market value. If it is higher than its selling price but not above $500, you can claim its fair market value. You can calculate the fair market value of your car by checking the prices online for vehicles of the same make, model, year and condition as your car.
If your vehicle was sold for more than $500, you can ONLY claim its exact selling price. Its fair market value is not applicable.
We suggest that you talk to a reliable tax consultant or someone from the IRS first before you decide to make an RV donation with us. Because the federal tax law has certain eligibility requirements for RV tax deductions, it’s always better to check with tax professionals first.
Tax Policies to Remember
There are specific rules that should be observed when you claim your RV tax deductions. As stated in IRS Publication 561: “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.”
In other words, all charities are not permitted to give a certain value to donations that are material or non-monetary. To know more about the policies of vehicle tax deductions, check out the official site of the IRS here. You may also call them at 1-800-829-1040.
How Do I Claim My Tax Deduction?
It is important that you bring the required documents with you when you claim your RV tax deductions from us. A few days after the sale of your RV donation, we will send you a letter of acknowledgment. We’ll include relevant details such as your name, your vehicle’s description and its identification number, the selling price, and a statement explaining that no goods or services were offered in exchange for your donation.
Keep in mind that tax forms vary depending on the value of your RV donations.
- Deduction of up to $500: Keep our acknowledgment letter along with the tax document.
- Deduction of more than $500: Attach your tax return to our acknowledgment letter or accomplished Tax Form 1098-C. You’ll also need to fill up everything at Section A of Tax Form 8283 (Noncash Charitable Contributions).
- Deduction of more than $5,000: We require you to get a written appraisal of your vehicle. Also, fill up the Section B of Tax Form 8283 and once done, submit it to us together with the appraisal.
Other Reasons Why You Should Donate Your RV
Aside from getting sizeable RV tax deductions, you will receive other benefits for donating your RV or any other vehicle to us at Breast Cancer Car Donations. They include:
- Speedy donation process — Just fill out our online donation form or give us a call at 866-540-5069 and we’ll take care of everything else.
- Free pick-up and towing — Expect prompt towing service for free! The towing truck we hired will show up on your doorstep on your scheduled date, to haul away your old RV. We won’t even require you to be there when we do it.
- Avoid the hassle of selling — If you donate your RV or any other vehicle to us — wherever in the United States you are residing — you won’t have to run ads, deal with phone calls or emails, show vehicle to potential buyers and haggle over the sales price.
- No need for paperwork – When your RV or any other vehicle to us, we handle all the paperwork from beginning to end — from handling the title transfer to the documentation required in receiving your charitable tax deduction.
- Eliminate RV expenses –Your RV may cost more to repair than it’s worth. You don’t have to burden yourself with all the registration and insurance costs if you simply donate your vehicle to us.
- Get personal satisfaction — Donating your vehicle for a noble cause will give you a deep sense of personal satisfaction.
- Extra space in your backyard – Donating your RV to us would mean having space for a new RV in your garage or backyard. Even if you are not buying a new vehicle yet, it would be nice to have a clutter-free space.
Considering all the benefits you’re going to get once you decide to make an RV donation to us at Breast Cancer Car Donations, it’s easy to say that your RV donation is a win-win situation that you would want to be in.
Let your old and unwanted RV become a beacon of hope to struggling breast cancer patients. Contact us at 866-540-5069 and get free towing services for your RV donations!
Excellent customer service!