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Check your cars value at:
NADA Guides
or
Kelly Blue Book

Tax Benefits of Donating Your Vehicle to GNMG


All vehicle donations to GNMG are tax deductible. Your tax deduction may even be equal to your vehicle's fair market value, which can mean a deduction worth hundreds or even thousands more than if you were to donate to another car donation program. If your vehicle is awarded to a family in need, you are eligible to deduct the fair market value. Each donor is responsible for determining this amount.

If your car is sold, GNMG will provide you with official notification of the actual sale amount. If your car sells for $500 or more you are eligible to deduct the amount equal to the gross proceeds from the vehicle's sale. Cars selling for less than $500, are also eligible for a tax deduction, up to a maximum of $500. Please go to the IRS website to review the pdf "A Donor's Guide to Vehicle Donations".

Are WV State Tax Credits Available Now?
Check on the current tax credit availability at GNMG

State Tax Credits

State tax credits may also be available to West Virginia residents who donate their vehicle(s). GNMG receives a limited number of state tax credits so be sure to ask if they are being offered when you contact GNMG to ask about donating your car.

If you have specific questions about how a car donation will affect your taxes, you should consult an accountant or other tax professional.




I thought the tax law changed -- can I still get a deduction for a car donation?


The tax law did change. You may have heard that tax deductions for cars donated to charities are no longer allowed. Not true. The deduction will continue. However the method of calculating the deduction has changed. Effective January 1, 2005, the IRS issued new rules regarding tax deductions for vehicles donated to charities. Those rules limited the amount taxpayers can deduct to the amount the vehicle is sold for.

The IRS made an exception for charities that use the vehicles rather than sell them and specifically exempted low-income car ownership programs. IRS Bulletin 2005-25 So if you donate your vehicle to the Good News Mountaineer Garage and we can recycle it to a low income family, you can still deduct the fair market value.