Tuesday, July 15, 2008

New Tax Laws Dry up Car Donations - MarketWatch

New Tax Laws Dry up Car Donations, claims MarketWatch (project of The Wall Street Journal.

"Car donations have plummeted since Congress in 2004 tightened the tax rules for claiming charitable deductions, according to a Grant Thornton analysis of new IRS data.

"Over 900,000 tax returns claimed deductions for donated automobiles in 2004. In 2005, the last year for which the IRS has detailed data, less than 300,000 tax returns included such claims."

Full article here: