Car donation has come to stay and is really popular these days. For more reasons than one, car owners will readily donate their old used car to charitable organizations instead of going through the hassles of car sale or auctions especially if the car is relatively old. Another attractive factor in used car donation is that the donor gets some tax reduction after his donated care must have been auctioned.
Donating Your Used Car? Important Points to Note
Car donation has come to stay and is really popular these days. For more reasons than one, car owners will readily donate their old used car to charitable organizations instead of going through the hassles of car sale or auctions especially if the car is relatively old. Another attractive factor in used car donation is that the donor gets some tax reduction after his donated care must have been auctioned.
Comparing Used Car Donation vs. Trying To Sale Same Car
When your used car to charity, you can rest assured that you made a positive contribution to the social privileges of the reasons for less. You also get some tax reduction when the value of the car you donated is calculated. You would be troubled with the stress of finding a potential buyer for your used car which may or may not be too old to attract any reasonable monetary value. The issue of some unforeseen buyer complications is completely erased.
These simple points can save you a lot of time when dealing with your used old car and once you had made up you mind to donate it to charity, there are some tips you need to know.
Important Points to Know While Donating Your Used Car to Charity
The first thing you must do is to familiarize yourself with how Internal Revenue Service recognizes car donation and the tax deductions that attains to donors based on other relevant laws.
The next step is for you to find charitable organization that works in the direction you are passionate about. You may also want to donate to charities in your locality. You can find the comprehensive charity listing online or simple look through your locality to see which charity you will donate a car. Make sure that proper record of the donation is taken so that you can be able to claim your tax deductions from the Internal Revenue Services [IRS]. Your tax deduction claims must be accompanied by the verifiable car donations sales proof from your receiving charity firm. Donating your used car to a charity organization can be soothing if you take time to understand the simple process involved in car donation.
It is also important to note that the value your car attracts requires different assessment from the Internal Revenue Service. For example, if your car is valued at less than $500, you may just go ahead and deduct the amount from your next tax bill. But if it is from $500 to $5000, a properly filled IRS form attached with your annual return is required. If on the other hand your car has a market value that exceeds $5,000, an independent appraisal is required and this will be accompanied by a written confirmation before your tax reduction claims will be looked into. As you can see from the above details, there are more to car donations but the good thing is that at the end of the day you will be glad that you donated your car.
There are countless information on donate a car at carshelpingamerica.org which is dedicated to car donation.
credit Link
http://www.carshelpingamerica.org/
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