You should also be aware that tax write offs on car donations changed. You can no longer just claim a value of the donation, but rather you write off what the organization can sell the car for.
Nope; must use it for 2007 unless you are filing your taxes on a fiscal year, which is unlikely. Also, you will need a valid fair market appraisal and a receipt from the organization in order to deduct it at all.
If you want to fund an IRA for 2006, you have until April 16th of this year to do that.
No, the cutoff for donations to count for 2006 taxes was 12/31/06.
No, to use it on your 2006 return you would have had to have made the donation in 2006. You can use it on your 2007 return.
To take a deduction for a donated vehicle you'll need a letter from the recipient organization that lists the amount of money they received for it when they sold it. That is the amount you can deduct, regardless of what the fair market value is.
No
No. You are filing your 2006 taxes. The cut off for anything is December 31. Anything done this year will be filed for next year in 2008. Sorry.
No becuase if you get any proof of donation it will be dated 2007, therefore you can claim it in 2008.
No. You had to have donated it by Dec. 31 2006
All of those above are correct on the year that you can claim it. A bit more information on what you can claim: if the charitable organization gives it to a low income individual (or sells it substantially below market), you can claim fair market value. There are a couple of other cases also. If they just sell it, you are indeed restricted to what the charity gets.
For the fair market value, if the value is greater than $5000, you need an appraisal. If the value is 500-5000, you can use www.kbb.com (plus the paper work from the charity).
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