Church treasurers should be familiar with revised rules governing the donation of vehicles to charity. These rules assume that the claimed value of the donated vehicle exceeds $500. The rules are summarized in the following table. They apply to donations of cars, boats, and planes. A similar table was included in the February issue of this newsletter. The following table includes more recent changes made by Congress in the "Gulf Opportunity Zone Act."
The Act imposes the following new requirements:
(1) The acknowledgment (Form 1098-C) issued by the charity must indicate if the charity provided any goods or services in exchange for the donated vehicle.
(2) The acknowledgment (Form 1098-C) must include a description and good faith estimate of the value of any goods or services provided by the charity to the donor, or, if such goods or services consist solely of intangible religious benefits (e.g., ...