A new law took effect last year that cuts the amount a person can deduct from taxes from donating a car to charity.

As of last year, you can no longer estimate the value of the car. You can only deduct the amount for which the charity sells the car. That’s because the Government Accountability Office found car deduction amounts were 20 times higher than what charities received for them in 2003.

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This entry was posted on Tuesday, March 14th, 2006 at 5:25 pm and is filed under Taxes & Law. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.