Car Charity

Car Charity

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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.

Unfortunately, you can't just take the Kelly Blue Book value for the car anymore. You have to wait until the charity sells your car. Then you can only deduct up to the amount of the sale. If you're just in it for the good feeling, the tax deduction is just a bonus anyway. But, not everyone can deduct their donated car. You have to be able to itemize your deductions.

Again, the amount of deduction is the value of the car up to $500 or the amount for which the car is sold, if above $500. So how is the value of your donated car determined? You can deduct the full market price if your chosen car charity uses the vehicle for its own purposes: deliveries, pickups, or passenger transportation. That means that under the new tax regulations you can only deduct the fair market value of the car if the charitable organization uses the car in direct connection with their car charity. You can find the fair market value for your vehicle in the official Kelly Blue Book.

The car title is essential in donating. Some places will work with you if you don't have the title. But having the title at the time of pickup of drop-off is best. When you donate a car, you hand over the title, the keys and the completed 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.

About the Author:
Chris Roberts writes for Car Buying Guide Online. Don't miss his articles on Car Auctions and Car Insurance. This and other unique content 'car charity' articles are available with free reprint rights.



Article Originally Published On: http://www.articlesnatch.com


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