American Jobs Creation Act of 2004 Changes the Rules for Vehicle Donation

Donate your car by December 31, 2004 to get the most benefit

(PRWEB) November 21, 2004 -- The recent signing into law of the American Jobs Creation Act of 2004 changes the rules for vehicles donated after December 31, 2004. These changes will have a profound effect on the amount most donors can deduct for their vehicle," says Karen Campese, CEO of cars4charities, a national vehicle donation center. The current law allows the donor to use an established used car pricing guide to determine the fair market value of their donated vehicle."

Beginning January 1, 2005," says Campese, if the value of the donated vehicle is over $500, the donor will only be allowed to deduct the amount the charity sells the car for." Since most charities wholesale donated vehicles to car dealers, the sale price rarely approaches the real value of the vehicle." Anyone thinking about donating a car should do it now to get the best tax benefit", recommends Campese.

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

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