• Report: #816595

Complaint Review: Kars4Kids

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  • Submitted: Sun, January 01, 2012
  • Updated: Sun, January 01, 2012

  • Reported By: Css hater — Camarillo California U.S.A.
Kars4Kids
1805 Swarthmore Avenue Lakewood, New Jersey United States of America

Kars4Kids Kars 4 Kids If you get a vacation voucher, then you do not get a "maximum tax deduction". Lakewood, New Jersey

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The radio ad says "were a recognized 501(c)3 charity organization, so youll receive a maximum tax deduction. Whats more youll receive a free vacation voucher for a 3 day 2 nights. However, U.S. tax laws allow a maximum tax deduction only if you do not receive a vacation voucher, or anything else of value in return for the donation. If you receives anything of value in return for the donation, then the deduction is reduced by the value of the vacation voucher (or anything else of value received in return for the donation).

The maximum tax deduction for giving a car to a charity is the value of the car (if the charity uses it) or the amount of money for which the charity sells the car (if the charity sells it).  However, the donor can only deduct that amount if they receive nothing in return.  If the donor receives a vacation voucher, then they are not allowed to take the maximum deduction.  Instead, the deduction is limited to the value of the car (or the amount for which it was sold), minus the value of the vacation voucher.


This report was posted on Ripoff Report on 01/01/2012 04:55 PM and is a permanent record located here: http://www.ripoffreport.com/r/Kars4Kids/Lakewood-New-Jersey-/Kars4Kids-Kars-4-Kids-If-you-get-a-vacation-voucher-then-you-do-not-get-a-maximum-tax-de-816595. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Suggestion

Suggestion

AUTHOR: John - ()

While this information is true, unless one is well versed in tax law, they may not be aware of it.  I understand that the website has links to the lastest information on tax law, but this information is important enough that it could be included in the Frequently Asked Questions to avoid confusion in the future.

 
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