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DONATE YOUR CAR TO SPECIAL OLYMPICS MASSACHUSETTS
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| RECYCLE FOR GOLD |
| By donating your unwanted vehicle to Special Olympics Massachusetts, you may be able to receive a charitable contribution deduction for the value of your vehicle. As for determining the amount of the deduction, Special Olympics Massachusetts does not fix the value of the donation/gift. For vehicles with a value of $500 or less, that is the responsibility of the donor. A figure can be obtained from a tax excise bill, NADA or Kelly Blue Book, dealer appraisal, insurance company, or comparative research, taking into account the mileage an actual condition of the vehicle. For charitable deductions on vehicles worth more than $500, a new law became effective on January 1, 2005. Under the revised law, any charitable deduction is based on the actual gross proceeds that Special Olympics Massachusetts receives for selling the vehicle. It is no longer possible, for vehicles worth more than $500, to claim a charitable deduction based on the Kelly Blue Book or other estimated market value of the vehicle. Thus, the actual amount of the deduction for vehicles worth more than $500 will not be determined until Special Olympics Massachusetts sells the vehicle. At that time, we will provide you with a written acknowledgement containing the actual sales price of the vehicle, which will be the amount you may be able to claim as a charitable deduction. You may wish to consult with your own tax advisor to determine the specific amount and timing of any deduction. IRS Publication 4303 A Donor's Guide to Car Donations: http://www.irs.gov/pub/irs-pdf/p4303.pdf If you have any questions please feel free to contact 978-774-1501 ext. 221. |
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| QUICK FACT: |
| Recycle for Gold has generated over $5 million for Special Olympics Massachusetts. These funds directly impact the 9,800 athletes that participate in year-round sports training and competition. |
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