Easily Donate Your Car
Donating your car to charity is actually a painless and easy way to get rid of your old or junk car. If you do not have time to sell the car or you do not feel it is worth much, you can easily donate a car to charity. Though not all cars are acceptable; for instance if your car is extremely dilapidated or is not in working condition, the non-profit organization may refuse to accept your car. If your car is accepted, it will allow you to deduct its fair market value from your taxable income. Let us now discuss some of the steps to donate cars for charity.
Steps
- Find a non-profit organization that accepts old or junk car. Make sure that the charity is registered and licensed. Do not choose an organization that is not registered or unlawfully accepts donated car. In this way, you won't become eligible for tax deductions and your donated car may not help poor or needy people (the obvious reason for car donation).
- Determine the tax deductions. If the charity you are donating your car to sells your car, you may get tax deductions up to $500. Some of the charities donate car to the same vendor. But from your tax deductions point of view, it is actually not a good idea. The more complications involved in selling the car, the higher will be its sales price.
- Contact the non-profit organization. Once you have zeroed down to the organization you want to donate your car, you need to contact them. Most of the credible charities have their website. So, you can either mail them or call and inform them about your wish to donate your old or junk car.
- Learn about the process involved. Request the representative to explain you about the process involved in donating your car. This may include giving the documents related to your car, like your car title, repair information, insurance and so on.
- Donate your car. Once everything is finalized, you can fix a date when the representative of the charity can come and pick your car. When your car is sold, you will receive a receipt that will help in getting lucrative tax deductions.
