When you donate your car, truck, boat or RV to the Prostate Cancer Awareness Project you are making an important contribution to help us increase the prostate cancer survivor rate in men. In return for this donation the I.R.S allows you to claim a charitable deduction on your annual income taxes. The I.R.S. publishes a Donor’s Guide to Vehicle Donations that describes at a high level what deductions you are able to make and how vehicles are valued by the I.R.S.
Most charities—including Prostate Cancer Awareness Project—sell the vehicles that are donated and use the proceeds from those sales to fund the charity. The actual amount the vehicle is sold for is generally what a donor can claim on their taxes. As a result, it is important that the charity try to get the most value out of every vehicle donated; not only does it mean more revenue for the charity, it also means that the vehicle donor gets the highest tax deduction possible.
The Material Improvements exception from the I.R.S. allows you to claim the fair market value of a vehicle that is donated because we agree to make such repairs, prior to selling the vehicle.
How we help you maximize your tax deduction
The Prostate Cancer Awareness Project sells donated vehicles through an established network of retail dealers and auction facilities and in some cases through a vehicle-recycling center for salvage vehicles. In many cases we will clean the vehicle and make minor repairs in order to ensure the highest possible value is returned.
In some cases we will make significant repairs (material improvements) in order to maximize the amount the charity receives and the tax deduction you can claim with the I.R.S.
Material Improvement Case Study
Do you have a vehicle that needs repairs?
Call us today at 1-888-885-6710 to find out if your vehicle qualifies and if so, we can make those repairs at no cost to you before selling the vehicle to maximize your tax deduction.