Kleinrock States: More Than $500. Deduction Is Limited To The Proceeds Of The Sale, Etc.---
Tax Materials States: Less Than $500. Etc.
Who Is Correct?
Tax Materials States: Less Than $500. Etc.
Who Is Correct?
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Non Cash Donations - Vehicles
Kleinrock States: More Than $500. Deduction Is Limited To The Proceeds Of The Sale, Etc.---
Tax Materials States: Less Than $500. Etc.
Who Is Correct? -
They are both correct
They are both correct. There is no difference between the fair market value of a vehicle and what it can be sold for on the open market. The $500 threshhold affects what substantiation is required to take the deduction.Comment
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