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news on tougher donation laws

 

To help reduce overvalued auto donations (and bring more tax dollars to federal

coffers), the IRS has issued a new guide for auto donations. In addition,

legislation signed into law by President Bush on Oct. 22 made substantial

changes to used-car charitable deductions in effect since January 1st 2005.


Beginning Jan. 1, 2005, when a taxpayer donates a vehicle for which the claimed

value is $500 or more, the precise deduction he can claim will depend on how

the charity plans to use the vehicle. If the auto is sold by the nonprofit, then the

taxpayer will be able to deduct only the amount of gross proceeds the

organization got from the sale. And the donor will have to depend on the charity

to let him know the donation amount by the individual tax-filing deadline.

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