Donate Vehicle Charity: Get Tax Deductions For Old Cars

2008-10-22 17:26:11

( Charity )



DONATE YOUR CAR

Selling old cars can become an inconvenience for many. Sometimes you don’t have the time and energy to look for buyers. And most of the time you can’t get what your car is worth. Instead of selling your car below its value the best way to go is donate your car to charity.

Donating your car to charity is an easy way to dispose an old vehicle and still get something for what its worth. Donate vehicle charity organizations like to accept used vehicles as donations because they can easily sell it for cash.

Donate vehicle charity groups could give away your car, sell it for cash or use it as their own. Either way you would get a tax deduction for the worth of your car.

PICK YOUR DONATE VEHICLE CHARITY

For you to ensure an appropriate tax deduction for your car you have to make sure that the donate vehicle charity you choose has a 501 (c) (3) public charity status, and they can legally accept your donation and from which you can legally claim a tax deduction.

Take note, some non-profit organizations may accept vehicle donations but if it doesn’t have a 501 (c) (3) public charity status you won’t get any tax deductions for your donation.

After you made your donation your donate vehicle charity sends you a receipt indicating the exact amount your vehicle was sold. This amount will be the deduction from your taxable income. If your vehicle was sold under $500 your deduction will be the fair market value of your vehicle.

And more importantly pick a donate vehicle charity that does the kind of work that you would like to support. Remember your still making a charitable donation. Don’t just hand your car to any donate vehicle charity that offers tax deduction. Do some research and look for a high performing charity that accepts vehicle donation and does work you respect.


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