TAX CREDITS
Does GNMG currently
have any tax credits?
Yes, they are available
1-866-GIVE CAR (448-3227).
Updated May 7, 2021
ABOUT TAX CREDITS
In 2020, the West Virginia Legislature passed a new law providing state tax credits to dealers and private parties who provide vehicles to our program. These tax credits allow us to help participants purchase a used vehicle through a cooperating dealer, or from us, at a greatly reduced price. Up to a $2,000 State Tax Credit is available, if you vehicles book value is $6,000 or greater and meets the program criteria (no motorcycles, no high-end vehicles). Call us today to learn more!
benefits of donating
Tax Benefits of Donating Your Vehicle to GNMG
All vehicle donations to GNMG are tax deductible.
If the vehicle is used in one of our programs the tax deduction will be based on the book value of the vehicle. If the vehicles book value is more than $4,999 GNMG will schedule an appraisal at no cost to the donor. This only applies if you do the standard itemized deduction.
If your car is sold, GNMG will provide you with official notification of the actual sale amount. If your car sells for $500 or more you are eligible to deduct the amount equal to the gross proceeds from the vehicle's sale. Cars selling for less than $500, are also eligible for a tax deduction, up to a maximum of $500. Please go to the IRS website to review the pdf "A Donor's Guide to Vehicle Donations".
State Tax Credits
State tax credits may also be available to West Virginia residents who donate their vehicle(s). GNMG receives a limited number of state tax credits so be sure to ask if they are being offered when you contact GNMG to ask about donating your vehicle
If you have specific questions about how a vehicle donation will affect your taxes, you should consult an accountant or other tax professional.