Can I claim my car donation as a tax deduction?
Yes. The UM Capital Region Health Foundation is a 501(c)(3) nonprofit organization. Contributions, including vehicle donations, may be claimed as deductions on your federal tax return if you itemize on Schedule A of Form 1040.
How much can I deduct? Once your vehicle is sold, the selling price becomes the amount of your donation. If your vehicle sells for more than $500, you may deduct the full selling price. If your vehicle sells for $500 or less, you can deduct the “fair market value” of your vehicle, up to $500.