Donating a business car, SUV, or pickup to charity runs you into some tax laws that you are not going to like.
True, donating a personal car to charity also runs you into tax laws that you probably don’t like, but the donation is far more problematic with a business car.
There are many reasons why you may want to donate your business vehicle to charity, not the least of which is that you’re helping a worthy cause. But if you’re looking for that big tax deduction to go along with this good deed, then you need to know how to calculate your tax deduction before you hand over the keys to the vehicle.
Imagine that you donate a business vehicle with a fair market value of $30,000 to charity and walk away with a zero deduction. That would make you more than unhappy because you (a) kissed away $30,000 and (b) ... Log in to view full article.