The IRS issues A Donors Guide to Car Donations"

The IRS recently issued Publication 4303 A Donors Guide to Car Donations" which offers advice to anyone considering donating their unwanted car to charity.

(PRWEB) August 15, 2004 --- The IRS recently issued Publication 4303 A Donors Guide to Car Donations" which offers advice to anyone considering donating their unwanted car to charity. Were very happy the IRS has finally issued these guidelines," says Karen Campese, President and CEO of cars4charities, a nationwide car donation center. They answer many of the questions potential car donors ask us."

Before donating your car, the guidelines recommend you;

1. Make sure you donate your car to a qualified organization. Not all charities are alike. Donating to a 501 (c)(3) public charity will ensure that your donation will be deductible.

2. Make sure you will receive a tax benefit. To claim your deduction, you must itemize on your federal tax return. In addition, there are certain limitations on charitable contribution deductions. Check with your tax advisor or the IRS for details.

3. Be honest in determining the value of your car. Only the fair market value can be deducted. This is usually not the same as the high blue book value". If the fair market value exceeds $5,000, you must have a written appraisal.

4. Make sure the charity you donate to provides you with all necessary tax receipts.

Ask questions," says Campese, you should be comfortable with the charity you are donating your car to. If they are not willing or able to address all your concerns, go somewhere else."

For more information on car donation, call cars4charities at 1-866-448-3487 or log onto their website www.cars4charities.org .