Red Cross Car Donations | Gaining From Your Donation
Red Cross car donations are very beneficial in making the humanitarian efforts of the Red Cross possible both locally and internationally. But Red Cross car donations are not just beneficial to others. Donors of Red Cross car donations also stand to benefit from making the donations.
Red Cross car donations entitle donors to a tax deduction for the vehicles. The tax deduction applies for the value of the car when making Red Cross car donations. The value of Red Cross car donations is determined by the condition in which the car is. Generally, a car that is in good condition will earn you a better tax deduction. Donors can find out the fair market value of their cars before making Red Cross car donations by looking at used vehicle pricing guides for a private party sale. Older cars usually earn less than newer ones when donated as Red Cross car donations.
Red Cross car donations that have been used for shorter durations will attract higher market price values. Vehicles that have been serviced regularly and garage kept will also rank higher in value. The mileage of Red Cross car donations also counts, since a lower mileage indicates that a vehicle has not been used too much. Red Cross car donations that have in the past been involved in accidents or may have other damages usually suffer lower market price values.
Once Red Cross car donations are received, they are inspected. After this, they are detailed and polished and their fluids are filled to capacity. All this is done before the vehicles are advertised for sale. This means that Red Cross car donations will be attractive to buyers, thus selling for a good price, which improves the value of tax deductions. The donors of Red Cross car donations also save on these repairs as well as advertising costs.
Once Red Cross car donations are sold to their new owners, donors are immediately notified and given IRS form 1098, which is filled by the Red Cross chapter, giving the date and the price of the sale. This form is attached to the donor’s tax returns so that they can get their deduction.
When you participate in Red Cross car donations, not only do you gain in tax returns, but you also save a lot of time and money. Becoming a donor is your opportunity to do good as well as avoid great strain.