Overhaulin'

I am trying to find out if there is any tax deduction for temporarily loaning your car to a non-profit.?

A missionary friend of ours is here in the US for about 1 year so they need a car and we have one that we either need to sell or receive enough tax deduction to afford not selling it. I was told by someone that you could deduct their mileage and maybe more, but am not sure how to find out more about this....

Public Comments

1. No charitable deduction is allowed unless you donate your full and complete ownership interest in the property. Therefore, loaning a car to a charity does not result in a charitable deduction since you are still the owner.
2. If you loan a car to the charity, then you can deduct your actual expenses for the car during the period you loaned it to the charity as itemized deduction. But you are not loaning to a charity institution, but to a missionary friend.
3. Loaning your car to an individual is not a charitable contribution, even if the individual is working for a charity. No deduction is allowed. If you drive your own vehicle for charitable purposes, you may deduct you actual expenses or 14 cents a mile.
4. it is not deductible if you are loaning it to an individual, it has to be an organization, cannot be a person