Car Donation Charity
Donate cars for kids and help children with your generosity. Carsgofar is a car donation charity funding various children programs.
Charities are usually cash-strapped non-profits that need lots of financial support for the good they do. Donating your car can be a great way to contribute to the cause. Its a very generous act that will benefit you and others.
Before you donate your car, make sure you’ve done the math and that it makes sense for both you and the non-profit car donation charity.
Below are some important things to take into consideration and should help you in your process.
TAX DEDUCTION:
The deduction you can take on your tax return is based on the value of the car. You can start to determine that by visiting Kelley Blue Book, which have excellent used car rating platforms.
If you determine that your car is worth $4000, but you know it doesn’t start because it needs a new starter, the fair market value is $4,000 minus the price of replacing the starter and the bother of someone having to get it done.
You can learn more about taxes and your donated car by visiting the IRS Tax Deductions & Car Donations handbook.
You can generally donate a car, truck, boat, RV and other vehicles. First and foremost, charities should have in place a written donation policy that shows its approach to non-cash charitable donations. Secondly, the charity should be mindful of the benefits to their donors in order to maximize their potential tax deductions
CHOOSING A CAR DONATION CHARITY:
The only difficult part is in choosing a charity is making sure the non-profit deserves your gift and that you are happy with the organizations ethics.
The first step is to identify a non profit charity is to ask them some questions about the work they do. Most charities have websites with lots of good information on it. For some, that will be helping to feed underprivileged children; for others it will be the local orphanage, and for others still it will be their religious work.
There are many of non-profits to choose from and the most important thing to verify is that the non profit you choose can receive tax-deductible gifts. What this means is that it must be registered with the IRS as a 501(c)(3) nonprofit. You can easily ask the charity to provide this information for you.
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