In Notice 2005-44, the IRS and Treasury explain rules adopted in the American Jobs Creation Act of 2004, which (1) generally limits the deduction to the actual sales prices of the vehicle when sold by the donee charity, and (2) requires donors to get a timely acknowledgment from the charity to claim the deduction. Notice 2006-1 also notes that Form 1098-C will be revised to elicit the additional information required to be included in a contemporaneous written acknowledgment as a result of technical amendments contained in the Gulf Opportunity Zone Act of 2005. It supplements the interim guidance issued in Notice 2005-44 PDF, discussed below. Once the vehicle sells, the tow company will notify the Oregon DMV of the sale and OHS will mail an official tax receipt to you acknowledging your charitable. Mark the date AND time of purchase on whichever bill of sale you use. We also provide a generic bill of sale thats printable and easy-to-use. It instructs the donee on how, where, and when to report to the IRS the information contained in the contemporaneous written acknowledgment that the donee provides to the donor. It will generally include: A vehicle description and vehicle identification number (VIN). Notice 2006-1 PDF (supplemented by Notice 2007-70) provides guidance on reporting obligations to donee organizations that receive contributions of qualified vehicles.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |