Charity Car Donation - Carryovers

In charity car donation or charity auto donation topic when charitable deduction limits apply, figuring tax deduction donation would be complicated, depends on car donation condition and factors different car donation rules apply. These factors are:

1) Type of car donation services or car donation programs: Are these programs(donate cars charity) %50 or %30 organization? (charity activities, public charity status).
2) Car donation value: Donor must  claim fair market value for charity car. Evaluation process? Is it through car charity auction, dealership, fundraising relationship, or private party. .
3) Donor's annual gross income: Donors can't deduct more than their %50 gross income.
4) Donor's carryovers from last year.

In car charity article, we wrote about all type of tax limits and in this article (charity car donation) we like to get into  "Carryovers" subject. So far we know your charity car donation tax exemption can't exceed %50 of annual gross income and the excess will carry over to next year tax return.

Note1) You can deduct your carryover (charity car donation deduction excess) in each of the next 5 years until used up, but not beyond five years.

Note2) Charitable car donations you carry over subject to the same percentage charitable deduction limits. For instance, if you make charity car donation subject to %30 limit in this year, if carryover applies still would be subjected to %30 limit for next year return.

Note3) You can deduct charity car donation carryover only after deducting all your charity donation gifts carryovers for current year. So if you have couple or more carryovers from prior years, the earlier first.

Note 4) Carryovers of a charity car donations to %50 limit organization in current year must be used before charity vehicle donations to organizations other than %50(%30, %20).