Discussion:Trust donation of vehicle

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Discussion Forum Index --> Tax Questions --> Trust donation of vehicle

Waynecpa (talk|edits) said:

15 June 2007
Just wondering if the same rules apply as individuals - is a trust allowed a charitable contribution for a vehicle donated to charity? It doesn't appear that a trust files a form 8283.

Kevinh5 (talk|edits) said:

15 June 2007
Does the trust document specify to donate the auto?

Waynecpa (talk|edits) said:

15 June 2007
I don't believe so - it is an ongoing trust a taxpayer is using to own real estate and investments. He has a sale of property this year and wants to have a charitable contribution of an auto (around $11,000 FMV) to offset the gain - apparently the trust owns the auto.

Kevinh5 (talk|edits) said:

15 June 2007
Trust gets an unlimited charitable deduction for contributions if both the following conditions are met:

1) Contribution is made pursuant to the terms of the trust's governing instrument (§642(c)Internal Revenue Code:Sec. 642. Special rules for credits and deductions)

2) Contribution is made from taxable gross income.


Sorry. (I was just curious as to why the auto.)

Dennis (talk|edits) said:

15 June 2007
From the description, I would check the grantor rules. ♫

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