Home | Vehicles
Have an old car you're looking to get rid of? Would you like some tax relief? Would you like to feel good, knowing your car went to a good cause? Donating to a car charity is easy and typically hassle-free. Often donating to a car charity is easier than trying to sell car. Don't let the name fool you. Car charities also accept trucks, vans, RVs, boats, trailers, planes and motorcycles. It seems there's a line at most car charities for good quality used cars. Car charities say they can always use more donated cars. Many charities fund their programs by selling the donated cars. Again, the warm fuzzies aren't the only reason to donate; don't forget the tax deduction. The car charity should give you a receipt for you donation. The receipt should include the value of the vehicle, the name of the charity and the date of the donation. The IRS has gotten stricter with its documentation requirements, so you'll want to make sure you get a receipt. But you can't just deduct the fair market value of a car anymore. You can only deduct up to the amount that the car charity receives at the time of sale. But for a lot of people, the tax deduction is just a bonus. Remember, if you don't itemize your donation to a car charity won't qualify for vehicle donation tax deductions. How do you figure out how much to deduct? If the car is $500 or less, you can deduct the whole thing. If the charity keeps the car and uses it for its own purposes, you can take the full market price as a tax deduction. If this happens, you can then use the value of your car found in the Kelley Blue Book. One last thing to remember - You must have the title. There are some car charities that will accept a donation without a title, but most will not. At the time of the donation, you'll give the charity the title, the keys, and all of the paperwork. Donating a car is a simple process. Donating to a car charity is less time-consuming and more cost effective that selling it on your own. It's simple. You make a positive contribution to your community. You may qualify for a significant tax deduction.
Article Source: http://article.selectionsguide.com
Chris Roberts writes for Car Buying Guide Online. Don't miss his articles on Car Auctions and Car Insurance.
Please Rate this Article
5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
