Donating Cars, Boats And Planes To Charity: The Tax Implications

Boat on a trailer by the sea, Pag island getty Sometimes charitably-inclined individuals will consider donating their antique automobile collection, a boat or even a private plane to charity. The tax rules for donations of non-cash assets are generally favorable and can result in a large tax savings for some donors. However, the rules for … Read more

Two Reasons To Donate Cars, Boats And Planes To Charity

Beechcraft Kingair Twin engined private aircraft getty Donations of vehicles can have limited tax advantages compared to donations of appreciated assets such as business interests or real estate. After the passing of the American Jobs Creation Act of 2004, most taxpayers are restricted to a charitable deduction amount equivalent to the gross sale proceeds from … Read more