Car Donation: A Wonderful Idea

The concept of car donation has started to gain a lot of popularity in the recent years. The idea is to donate your old but well functioning car which you might no longer need or which you no longer drive. However, if you take this decision that you want to donate your car to some charitable organization or the like, you need to be sure about certain aspects and all the pros and cons of donating a car. A number of factors need to be kept in mind when you want to go for this option.

First of all, if you plan to get a new car and at the same time, you want to dispose off your earlier car, you need to be sure about the re sale value of the latter and the price that is prevalent in the market for the same. If the market value of the old car is not really great, then to donate car is a much better option than selling it to another party. This is because this action is a very good one and aims at helping the needy and the underprivileged. This is because when you donate your car to any char…

How to Claim Car Donation Deduction

A used automobile donation to a certified charity may be used to cut back your taxes. However, it is important to the actual Internal Revenue Service’s guidelines for donating used cars so as to receive the right benefit to your donation.

Depending the particular amount of your claim, you might need special forms or records to be able to qualify to get a deduction. According for the IRS, when you claim a deduction of at least $250 not really in excess of $500 for the car or truck donation, a written receipt from the charity is needed. You should have received the receipt in the use of the donation. The receipt should range from the name of the non-profit organization, an account on the donated vehicle and an announcement confirming perhaps the non-profit organization gave any services or goods in exchange for any donated vehicle. This statement doesn't need to be attached to the return, however ought to be kept on your records.

For charity cars over $500, donors will require to pr…

How To Go About Car Donation

If you have an old car and you are considering getting rid of it, you can choose donating it. Donating used cars for charity is one of the best ways to do away with your old car rather than going through the pain of getting it sold. If you sell your old car, you have to take the long route of repairing it, finding the right customer, etc. Plus, the price that you are offered is always not worth all the pains that you take. At the end, you will find that the money that you get is not enough. So, it is to be understood that donating old cars is the best way to go about it. Apart from the good feeling of charity, you get tax deductions too! It can never get better than this. There are some points that you must keep in mind while donating old and used cars for charity. Here is a step-by-step checklist to help you know that you are on the right track.

Getting the correct car details:

This is the first and foremost step that will help you in getting the whole process right. You must keep al…

5 Tips for Car Donations

People generally enjoy the act of donation, they like the knowledge that items which they are no longer able to use can be give to someone who may be less fortunate to use and enjoy. Donating clothing, toys or furniture is not difficult, in fact, most of the time it is one of the easiest things to accomplish. Car Donation isn't any different. While this is a fairly new concept, donating a car accomplishes exactly the same outcome as donating clothes. The following information will help you with this process.

1- If you are considering car donation, it is very important to be sure that you are donating to a charity or cause that is approved by the government. The best way to be sure is to ask to see the 501(c)(3) certification that is given by the government to an organization that is given tax-exempt status.

2- Once you decide on the charity that you want to give a car donation to, you need to get a "blue book" price for your car. This is will give you the fair market val…

Reasons Why Car Donations Work

You might find yourself in the following situation: your car recently broke down and fixing it will actually cost you more than its worth or more than you expect. By saving the money required for the mechanical support, you might use them to purchase a new and better car. Secondly, car donation gives you a great satisfaction, because it is a noble and meaningful gesture. By understanding that you can help others in the process, you might find it easier to let go of the car you have been driving in the past years. Some of the charitable organizations work to support children and their needs to get a car for their daily duties. There are others organizations that work for the less fortunate people, who simply can afford a car, although they are in great need of one. Finding a great and meaningful cause and supporting it might be more fulfilling than you expect.

Another reason to consider a car donation is the old age of your car. If you have problems due to its increased mileage and gre…

Catholic Charity Car Donations

Car donation is a noble gesture since it can make a difference in someone's life. Most Catholic charity houses depend solely on donations. Many people donate money or clothes to charities but donating a car is something that is rapidly picking up. Donating a car allows you to get rid of an old car-hassle free and can also provide certain savings on your tax forms.

Car donations made to some Catholic charities are tax deductible. You can claim the car's fair market value if the car is worth less than $500 or if it is in good working condition. You can claim deduction equal to the actual sale price of the car is the car is worth more than $500. The charity house should be a qualified, 501(c)3 IRS registered charity since only such programs are eligible for tax deductions. Information about such charity programs can be obtained from the IRS website or in the Publication 78 that is available at most public libraries.

Determine the value of the car meant for donation. This can be d…

Car Donation Scams

Many car donation programs accrue benefits to every one except the charities or the non-profit making organizations they are intended to benefit. Many car donation organizations declare that they will deal with the towing of the old clunker, title transfer, and hand over the sales proceeds to the donor's favorite charity. Many such car donation programs have been organized by various well-known organizations with an intention to raise money. It sounds like the perfect deal where the donor gets rid of the car without any hassles on one hand and on the other has a feeling of helping someone in need and in addition to this, gets a tax deduction benefit too. So it comes as no surprise that such car donation programs are becoming popular.

But all this might not be as true as it appears. Unfortunately, there's a catch, which people are unlikely to hear about through television ads. The amount of tax deduction that benefits the donor is not necessarily the amount being donated to the…