The American Jobs Creation Act of 2004 will alter the rules for the contribution of used motor vehicles, boats and planes after Dec. 31, 2004, the Internal Revenue Service warned.

Under the rules in effect for the remainder of 2004, taxpayers are able to deduct the fair market value of the contributed property. However, next year, if the claimed value of the donated motor vehicle, boat or plane exceeds $500 and the item is sold by the charitable organization, the taxpayer is limited to the gross proceeds from the sale.

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