Donate a Car | Why You Should Donate a Car
When you choose to donate a car to a charitable organization, it is not only an excellent method to help other people, but it’s also a great way to acquire some benefits. There are things you need to remember before you donate a car to charitable organizations. There are certain regulations you need to adhere to as you donate a car in order to claim the donation in your tax statements.
When you decide to donate a car, make sure that the organization you want to donate a car to is qualified. This can be done by visiting the government website to look for charitable organizations which are legitimate. If the organization you donate a car to isn’t qualified then you will not be able to claim the tax deduction.
Another question you need to get clarified before you decide to donate a car is exactly how the car will be used by the charity. Sometimes when you donate a car, it is sold and the returns are taken by the charitable organization. Once you donate a car, the charity organization can also decide not to sell it if they feel it could benefit their transport sector. When you donate a car, it can also be given to someone who is in need of transportation. You have a say in how you want things to go when you donate a car. You can say what you want or you can leave the decision with the charity organization.
When you donate a car, be sure you identify the fair market price of the car to be able to claim the donation in your taxes. You won’t have the ability to simply claim the Blue Book value for the vehicle but will need to consider the vehicle’s condition, as well as add-ons you’ve added, and so on, before you donate a car. You will find several IRS along with other guides that may help you in estimating the fair market price of the vehicle.
Abide by the laws and regulations as you donate a car to a charity. Generally, laws and regulations need you to transfer the title towards the charitable organization once you donate a car to them. This can eliminate liability issues that may surface in future.
Be very careful as you donate a car as you might come across people who may want to swindle you and gain from your good intentions.