Vehicle Charity Donation
About Vehicle Charity Donation: Donating your car to charity is a popular way to give back to the community and it also offers great tax incentives for those looking to get rid of an older vehicle. Vehicle Charity Donation There are numerous car charities available today that support causes as diverse as helping seniors, curing diseases, working with the homeless, and even rescuing animals. Vehicle Charity Donation It is possible to find a charity that will fit your personal ideal of charity in nearly every major city in the United States.
Vehicle Charity Donation Overview:
The beauty of donating your car to charity is that in addition to doing good for your community you also are able to deduct the value of the car from your income for the current tax year. In the past these laws had been very lax and you could simply use the Kelly Blue Book value, but now the deduction amount depends on the utility the charity receives from the vehicle (ie selling price). Even with these new tighter restrictions donating your car is still a good move from a purely financial perspective in many cases.
One word of caution when donating a car is to make sure you are giving your vehicle to a certified non-profit organization that is registered with the IRS. Ask for the charity to provide documentation of this prior to signing anything. Any reputable charity organization will have the proper information handy and can easily show you.
More From Vehicle Charity Donation:
You can donate your car in almost any city or town in the US. The basic process involves locating a charity you would like to help and call them up. They ill need to send you a form to fill out (this can be done in person or by fax in most cases). After that they will send someone over to pick up your vehicle. Make sure you have cleared the car and removed any property you would like to keep, as once they take the car it will be difficult to locate again.
After 30 days the charity organization will provide you with a written acknowledgment of the sales price of the vehicle. This is the amount you can deduct at tax time. You will also need to provide a copy of that receipt with your taxes. The applicable forms are the Schedule A and 1040 if you do your own tax return.
Donating a car to charity is a simple process, and in many cases faster and easier than selling the vehicle yourself. It allows you to help others, get rid of an unwanted vehicle, and get a break on your taxes.