Your estimate of the donation’s value probably won’t cut it.
If your donating a used car or boat is worth more than $500, the IRS is going to want
to see evidence of how much the charity got for it. (Most charities that
accept these donating a used car turn around and sell them for cash.)
You’ll need
to get a receipt from the charity revealing exactly how much money it
made.
Know when you can report the fair market value. You won’t need evidence of the sales price if the charity keeps the vehicle or vessel and uses it in its charitable work, or if your donating a used car is worth less than $500.
Then you can report its fair market
value based on listings from Kelley Blue Book and similar sources.