Tips on how to donate a vehicle
Car Donation is a fantastic and very exciting way to get a tax break and feel good about helping a charitable cause. The nice thing is that vehicle donation is very easy and convenient. All you have to do is call the charity and let them know that you would like to donate your vehicle. They will send a tow truck to pick it up and a few weeks later you will receive a certified tax receipt. You can then use this receipt to help you deduct the appropriate amount from your taxes.
The amount of your tax write off simply depends on how much the car sells for. If the car sells for over $500 then you will be able to write off that amount. If the car sells for less than $500 then you will be able to write off up to $500. Pretty nifty right?
A few things to remember when donating:
1. Always check to make sure the charity is a 501(C)3 non-profit.
2. Make sure you have the Title to the car. If you don’t you can get a new one from the DMV. Some states actually don’t require it if the car is older than 15 years.
3. If you are donating a vehicle that is not yours. i.e.: your deceased parents or spouse, make sure you have the proper paper work in hand such as a letter of attorney or right of survivorship papers. The charity can help you with this. Its not always necessary.
Ok, now you’re all set the only thing left to do is feel good that you are donating to help a good cause. Remember, the key to happiness is giving! (and getting a tax break).
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