Summary
WASHINGTON (AP) - Charities fear that potential donors may conclude it's not worth the hassle to donate used cars if Congress follows through with plans to clamp down on inflated tax deductions.
Lawmakers started looking into the subject a year ago when government auditors discovered a wide gap between the proceeds reaped by charities and the value of donated cars claimed on tax returns. Charities sometimes make pennies on the dollar of a car's estimated value.See the full content of this document
Extract
Looming Crackdown Worries Some Charities
The gap occurs because charities typically sell donated cars at dealer auctions for wholesale prices. Donors calculate their tax deductions by estimating the car's re...
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