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Do You Have Cars to Donate to Charity?
With everyone seeking tax breaks these days, those with the ability to unload a car that isn’t in use – without the hassle of selling it, are learning how beneficial writing off cars to donate to charity can be. Not to mention, doesn’t it feel good to help out?
Several organizations are looking to generate funds through the donation and later sale of vehicles, and in some cases, even retain them for official use. However, it’s important to understand exactly what is entailed in donating your car to the charity of your choice. There are tax forms that you must be acquainted with and though many charities have the ability to come pick up your vehicle, some may not have the means, so understanding the capabilities of your favorite charity will also better prepare you for the process.
Tax Deductions Involved When Considering Cars to Donate
While those that have their taxes prepared by a professional may not need any of this information, those filing their own taxes may want to have a reasonable understanding about the forms and qualifications involved. Itemizing your tax deductions in the first step, but how do you determine the value of the car that you’ve just given to a charitable organization? Kelley Blue book is the authority on automobile value, and you can visit their website and search your vehicle based on year, make, and model. By entering details such as mileage, you can get an accurate estimate on your car’s worth. This is very important, because learning the true value of cars to donate will ensure that you’re maximizing your write-off potential, and further, avoiding any troublesome issues through “over-valuing” the donation. Research in this regard can save you quite a bit of hassle on the back end of the transaction.
So, You have cars to donate - How are they used?
When a charitable organization takes a donated vehicle, how do they use it? In many cases, the car, motorcycle, van, or boat is put up for sale. Whether through an auction or standard sales procedure, the money generated is used to help in operations. However, if the vehicle can be utilized by the charity, in some situations they may retain the vehicle for use, but this doesn’t affect your tax deduction. Many charities have a need for vans or trucks to help in picking up other donated items or for distributing aid to those under the organization’s umbrella. No matter what the charity decides to do with your donation, the end result tax-wise will be the same, and rest assured, they’ll be grateful for the help. Those with cars to donate should let the charity decide the best route of action to utilize the automobile.
The delivery or pick-up process depends solely on the charity you select. If you have cars to donate that aren’t currently running, don’t worry about it. These vehicles still have value through an auction to either a private party looking to repair it or to a salvage yard that can still turn it for profit. In any case, whatever the vehicle is worth is better than receiving nothing! Pick-up of a vehicle that isn’t operational can generally be facilitated through a conversation with the charitable organization. Despite what many would think, these donations are welcomed and encouraged, so be sure to let the charity decide before assuming that no one would want that old piece of junk sitting in the front yard…
Those with cars to donate should do a bit of research into the organizations you’d like to help, and learn if they have a need. If they do, simply contact the administrator and begin the process.
Those with cars to donate will be welcomed by any charity to help their cause