A vehicle transfer receipt is a formal protocol that documents a car`s charitable gift (also known as the « vehicle transfer bill »). This is an essential paperwork that should be given to all donors when accepting a car donation for hanging. Donors who wish to deduct the value of a particular vehicle from their income tax need proof of donation to prove the validity of the donation. Once a receipt has been issued, it must be kept by the donor until it is necessary to process his tax return. The receipt can also describe the condition of the vehicle and contain other details such as the vehicle identification number (VIN). To ensure that a vehicle donation is deductible, you must ensure that the charity is a qualified organization. The IRS offers a 501 (c) (3) verification tool for donors to ensure that organizations are considered charities. Finally, the 2006-1 communication contains guidance on new penalties imposed on companies that provide incorrect or fraudulent confirmation of a vehicle donation or fail to provide adequate recognition. Almost all tax-related documents are based on the calendar date associated with this paper service for a variety of functions and qualifications. This is especially true for donation receipts, so you`ll find the first empty line and then type the « donation date » on it.
It is necessary that the organization receiving this donation be clearly identified. Enter the legal name of this entity in the empty « Organization Name » area. The name of the organization is not enough to positively identify this entity for this entry. You must register the legal address in the following two lines. Note that the terms « Street Address » and « City, State, Zip » keep your entries in a recognizable format. Finally complete this identification process with the « EIN » of the recipient`s organization. Put this on the empty line with this label. If you don`t know the entity identity, just click on the link « IRS WEB Site » to search the Internal Revenue Service database.