Make sure the charity is legitimate. Find out charities by name at the IRS website (Publication 78). Or speak to IRS directly on 1-800-829-1040.
The Do's and Don'ts of Car Donation
The Do's
o Do make sure the charity is legitimate. Find out charities by name at the IRS website (Publication 78). Or speak to IRS directly on 1-800-829-1040.
o Do make you are dealing with IRS approved charity which is qualified to accept tax deductible car donations. The charity should be able to issue a qualifying IRS Determination Letter.
o Check the annual report of the charity to see how their resources and what is their financial standing and goodwill. A genuine organization provides it to anybody demands it. You can also check their performance with the State Attorney General's Office.
o Do insist on knowing what happens to donated cars. Will it be used for charity's services? Will the charity sell it to raise funds? Or recycle it? Do they earn commission or a flat fee? Answers to such questions will give you satisfaction and will also provide you with answers in case the IRS comes to inquire at your door.
o Do Check with the Better Business Bureau if you are not sure about an organization.
The Don'ts
o Don't deduct more amount than car's fair market value. Remember it is not the same as the full "Blue Book" car's value .
o Don't forget that only you are responsible for determining the fair value of the car, taking into account the condition of the car. You can also check the TMV Used Vehicle Appraiser website, where you are required to enter the details of the car and receive a report which is ready-to-print.
o Don't hurry up on formalities. You are required to furnish a written appraisal for IRS deductions, if your car is valued over $5000. Find out all the minute details before you decide to donate a car.
o Don't think donating a car is always advisable. If you fall in the 30 - 40 percent tax bracket, the benefits could be more. If, however, your car is not worth of much value and if you are in the 15 to 20 percent bracket, it may be more practical to sell the car yourself and earn some money, rather than giving a substantial amount as deduction.
For More Information Car Donation New York, and Car Donations in New Jersey
credit Link
http://www.donate-car-ny-new-york.org/
http://www.donate-car-nj-new-jersey.org/
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