By donating a vehicle to Goodwill Columbus, you may be eligible for a tax advantage while helping to support individuals with disabilities and other barriers in your own community.
If you do not itemize deductions on your tax return or you do not wish to claim a tax deduction, there is no action required on your part.
If you intend to claim a tax deduction of $500 or less, you will need to determine the "fair market value" for your vehicle and claim that amount. Goodwill will not notify the IRS of the sale price.
If you intend to claim a tax deduction of more than $500, you will be limited to the sale price that Goodwill receives for the vehicle. Goodwill is required to notify the IRS of the sale price if it is over $500. We will also notify you, the donor, of the sale amount. If the sale price turns out to be $500 or less, you can deduct the Fair Market Value up to $500, regardless of the sale price and Goodwill will not notify the IRS of the sale amount.
Questions regarding a tax benefit should be directed to a tax professional or the IRS website or by calling 1.800.829.1040.