Fair Market Tax Deduction
Aircraft Donation makes it easy to donate aircraft. One of our top priorities is making sure that all aircraft donations fully comply with federal tax regulations. When you choose to donate your used aircraft to Aircraft Donation we will make sure you receive all necessary tax documents required from your specific donation. Our friendly and professional staff is available to answer any questions you might have about your donation. Call us Toll Free at (888)-228-7320.
AircraftDonation.org is run by Giving center, and is officially recognized as a charitable organization under section 501(c)(3) of the Internal Revenue Code. Organizations described in section 501(c)(3) are commonly called Charitable Organizations, which means they are allowed to receive tax-deductible contributions in agreement with IRS Code Section 170. Charitable organizations listed in section 501(c)(3) are prohibited from lobbying to government representatives or attempting to influence state or national legislation in any way. One of the reasons AircraftDonation has endured over the years is that we work independently from the government. Charity is fundamentally a matter of civic responsibility in which generous Donors like you reach out to improve the lives of the underprivileged. Current IRS regulations allow charitable organizations like Giving Center to develop their own procedures and systems of charitable distribution as long as they are in accordance with the law. Over the years AircraftDonation has honed its charitable system to be one of the largest and most effective airplane donation programs in the US.
Section 501(c)(3) of the Internal Revenue Code prohibits charitable organizations from being organized for the benefit of private interest. IRS regulations state that private shareholders of any charitable organization listed under section 501(c)(3) are disallowed from receiving any revenue from charitable contributions. With AircraftDonation you can be assured that all of the equity from your charitable aircraft donation fully and directly supports the causes we serve.
All aircraft donations granted exemption under Section 501(c)(3) of the Internal Revenue Code are tax deductible. AircraftDonation, as well as all of its affiliate charitable networks (Charity Boats, Collectibles with Causes, Real Estate with Causes, OnlineCarDonation, OnlineBoatDonation, Giving Center), have been granted tax exemption per section 501(c)(3) of the Internal Revenue Code. Donate your used plane to AircraftDonation and receive the highest Fair Market Tax Deduction allowed by the IRS! When you make a donation to AircraftDonation, or any other charitable organization, certain tax procedures apply depending on the fair market value of your specific plane. A good way to assess the value of your aircraft or aviation equipment is to consult the Aircraft Bluebook or AOPA. You can access either site by clicking on their links.
IRS regulations stipulate that no charitable organization listed under section 501(c)(3) of the Internal Revenue Code can employ its own appraiser or determine the fair market value of charitable gifts. Aircraft donations valued at over $5,000 require an appraisal by an independently certified professional appraiser. AircraftDonation is fully committed to making your online aircraft donation as easy and stress-free as possible; so whenever there is need for a third-party appraisal we will cover the entire cost! You incur absolutely no personal cost when you donate your used plane to AircraftDonation. Pick up is free anywhere in the US, Central America and Canada!
AircraftDonation sends you all of the tax forms necessary to be in compliance with IRS regulations. For proof of donation you will need a tax receipt with the name of the 501(c)(3) organization to which you made your aircraft donation, along with the Federal Tax ID number listing the date, year, make, and model of your aircraft, aircraft tools, aircraft equipment, or pilot equipment. Additionally we will send you tax Form 8283, which you need to fill out whenever your make a Noncash Charitable Contribution. This form applies to all donated property whether it's worth less than or more than $5000.
One of the main factors affecting the size of your tax deduction is the price your aircraft sells for. Beginning on January 1, 2005 the IRS allows charitable donors to receive the full resell value of their aircraft donations. IRS publication 561 states that your tax deduction is limited to the gross proceeds from its sale by the charitable organization. This regulation is in place partly to prevent the risk of overstating the value of your charitable aircraft donation. When you donate a used plane to AircraftDonation you never have to worry about guessing the fair market value of your aircraft.
The way AircraftDonation generates funding is by selling your donated property. Your deduction is determined by the gross proceeds from the sale. Visit http://www.irs.gov to see relevant information about making a noncash donation. Pertinent publications are IRS Publication 4303, IRS Publication 526, and IRS Publication 561, all of which serve as a guide for charitable donations including cars, boats, and aircraft. Call AircraftDonation Toll Free at (888) 228-7320 if you have any questions about tax procedures. Our friendly and professional staff is waiting for your call!