These 5 Simple RECORDKEEPING AND FILING REQUIREMENTS,Written Appraisal, Your written appraisal must be from a qualified appraiser. See Publication 561, Determining the Value of Donated Property. The appraisal must be made no more than 60 days before you donate the vehicle. You must receive the appraisal before the due date (including extensions) of the return on which you first claim a deduction for the vehicle. For a deduction first claimed on an amended return,
These 5 Simple RECORDKEEPING AND FILING REQUIREMENTS,The appraisal must be received before the date the amended return is filed. When you file your income tax return (Form 1040 or Form 1040X), you will need to complete Section B of Form 8283, and attach it to your return.
These 5 Simple RECORDKEEPING AND FILING REQUIREMENTS
If Section B is required and the charity sells or otherwise disposes of a vehicle within three years after the date of receipt, the charity must file Form 8282, Donee Information Return, with the IRS. On Form 8282, the charity reports information identifying the donor and itself, and the amount it received upon sale or other disposition of the vehicle. The charity must provide you with a copy of the form.
The chart on page 7 lists recordkeeping and filing requirements, based on the amount you claim as a deduction. Definitions, Below are definitions of material improvement and significant intervening use as they apply to vehicle donations.
It is a good idea to keep personal and business records separate, to simplify business reporting and tax returns. For example, using a dedicated business credit and debit card for business expenses will make it easy to separate business and personal expenses