Donate a Vehicle
Envolved Foundation operates as a donor-advised fund. A Donor Advised Fund is a charitable giving vehicle administered by a public charity created to manage charitable donations on behalf of organizations, families, or individuals.
Envolved has created Virtual Private Foundations using modern technologies and feedback from donors, charities, and the philanthropic community to make it simple for everyone.
We have made it easy to donate and keep records of your giving. Plus we make it easy to discover new charities that support your causes, like-minded people who share your passion, and an easy way to influence your peers to Get Envolved.
What are the tax benefits of donating my vehicle?
Envolved Foundation is a 501(c) (3) nonprofit organization. If you itemize deductions on your income tax return, it may be possible to claim a deduction for your car donation.
In 2005 the IRS changed the laws related to tax deductibility of vehicle donations because of exaggerated deductions based on inflated book values (book values tend to become less reliable as a vehicle ages). Under the new rules, the deductible amount of your donation is directly related to the selling price of your vehicle.
If your vehicle sells for less than $500 you can take a deduction equal to the 'fair market value' of your donation up to $500. Fair Market Value is loosely explained as the "Blue Book" or "Guide Book" value of your vehicle.
See the links below for Kelley Blue Book, NADA Guides or Edmunds. If your vehicle sells for more than $500 your may deduct only the full selling price of the vehicle.
The charity is required by IRS to send to the donor a contemporaneous written acknowledgement (receipt) within 30 days of sale.
This Receipt must include the following.
- The gross selling price of the vehicle (if sold for greater than $500) Year, Make, Model and VIN Information
- A statement that the vehicle was sold at arm's length between two unrelated parties
- And a statement that no goods or services were received in return for your contribution.
If you have additional question about deductions and IRS Regulations the following links may be of assistance:
- IRS Publication 4303, A Donor's Guide to Car Donations (PDF) Publication 526, Charitable Contributions (PDF)
- Publication 561, Determining the Value of Donated Property (PDF)
- Form 8283 Noncash Charitable Contributions (PDF)
- Instructions for Form 8283, Noncash Charitable Contributions (PDF)
Links to Valuation:
- Kelley Blue Book www.kbb.com
- Edmunds www.edmunds.com
- NADA Guides www.nadaguides.com