|Volume 7, No. 3||WINTER 2004|
Donated cars still a vehicle for change
Photo by Arthur Haralampopoulos and Jonathan Wong
Donors rushing to contribute vehicles before
take effect January 1, 2005
Congress is changing the regulations on tax deductions for those who donate their automobiles to charity. Currently, those donating vehicles receive a tax deduction based on the fair-market value of the vehicle.
Under the new regulations, owners of cars valued at $500 or less will still be able to deduct the fair market value on their taxes. For those donating vehicles valued at more than $500, the regulations require that a donor wait until the car is actually sold before claiming a tax deduction. The amount that can be claimed as a tax deduction will be the value received by IOCC at the time of auction.
IOCC will still accept car donations and will still realize the same amount of money from the sale of each car that would have been received prior to the new regulations. When a car is donated, IOCC's designated agent will sell it at auction, with the proceeds benefiting its humanitarian work worldwide.
If you are considering donating a vehicle to IOCC, log onto the IOCC Web site at www.iocc.org/cars. Online contributions may be made 24 hours a day, including weekends and holidays.
A Palestinian woman from the village of Um Anas leads a training session using leadership skills she learned from IOCC. More women like her will receive leadership training through a new IOCC project funded by the Greek Ministry of Foreign Affairs. Photo: IOCC-Jerusalem