Vehicle Tax Reduction

By: NBC News Email
By: NBC News Email

Your old gas guzzler may still be of use to you as a tax deduction.

A change to tax law in 2004 reduced the tax deduction for cars given to charities like the Salvation Army and others, who auction the vehicle off for operating money. But a fair market deduction can still be made to a charity that either uses the vehicle itself or sells it to an individual at a deep discount.

You can visit the website of a company called Opportunity Cars. They have a network of more than 150 nonprofit organizations dedicated to increasing private automobile ownership for low wage working families.

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