IF YOUR CAR SELLS FOR MORE THAN $500:
The IRS allows you to claim a tax deduction of the amount the car sold for. Your tax-deductible receipt will be for the car's full sale price.
IF YOUR CAR SELLS FOR LESS THAN $500:
You can claim the fair market value of the car, up to $500. According to the IRS, it is up to you to determine the fair market value of your car.
Experienced agents evaluate each car to determine its value and how much we can expect to sell it for.
Depending on the local market, we’ll either sell the car at auction, to a dealer or a local yard.
We don’t settle for the first price we’re offered. We keep the car on the market until we’re satisfied we’re getting the highest sale price.
Kars4kids is a classified 501(c)(3) charity organization. You can check with your tax advisor or accountant to determine the amount of your benefit.The deduction is of value only if the donor itemizes his or her deductions. For a more detailed overview the IRS publishes a Donors Guide to Car Donation.