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DONATING A CAR

Nov 4th 2015 at 10:03 AM

Donating a car is a fantastic way to both give to a charity and get a tax break as well. Most charities are usually non-profits that need lots of support for the good work they do. Donating your car can be a beneficial way to contribute to the benefit of others and yourself as well. Its an act of kindness that helps all involved.

CHOOSING A CHARITY:

Choosing a charity is making sure they deserve your car and that you are happy with the organizations cause.

Ask the charity about the work they do and how it helps the community. Ask them about their car donation program and let them explain the process for you. Many charities have websites with lots of good information on car donation. Some car donation programs help to feed disadvantaged children and others help a local orphanage, and for others it may be helping women in crisis.

There are many to choose from and a very important thing to remember is that the non-profit you choose is a 501(c)(3) nonprofit. You can ask the charity to provide this information for you and make sure that they can receive charitable gifts that are tax deductible for you. Car Donation Chicago

TAX DEDUCTION:

The deduction is based on the fair value of the car or vehicle of any kind (boat, RV, golf cart etc.). You can start to determine that by visiting a website that gives trade value such as KBB, which have excellent used car ratings.

If you determine that your car is worth $2500, but you know it doesn't start because it needs a new alternator, the fair market value is $2500 minus the price of replacing the alternator and the effort of having to get it fixed.

First of all, charities should have in place a clear donation policy that shows its approach to charitable donations. Secondly, the charity should be aware of the tax breaks to their donors in order to maximize their potential tax deductions. All charities are aware of this and can answer your questions. After all, this is how they survive; from charitable donations from people like you. Car Donation NYC

SUMMARY:

Millions of cars are donating every year. Thats why there are so many charities that facilitate and accept car donations. Donate your vehicle today and save money on your taxes. And remember, happiness is giving!

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