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Where to Donate Your Car – Best Car Donation Tax Deduction Tips
If you have a car that you think would give you a good tax write-off, you may be wondering where you can donate your car. You can deduct up to $500 according to the latest tax law. Check with your tax accountant or CPA to see if this has changed if you decide to go. First, you want to make sure you have a car that can be donated.
There are a few ways to determine that. In general, your car must be drivable. If it is not drivable and just needs minor repairs, it may still qualify depending on the charity for car donation. The condition of the car makes a lot of difference.
Vehicles that can be donated include cars, trucks, RVs, boats, motorcycles, ATVs, airplanes, etc. Just about any vehicle can qualify for donation. Charities will need to be able to put your car on their own car auction or the car auction of a car donation charity broker they hire.
Once you determine that your car, truck or other vehicle. is in good enough condition to donate, you want to think about where to donate it that is best for you,
There are dozens of car donation programs that advertise on the Internet. And of course you will find them advertised in your local newspapers. But the thing to know is that many local and national charities hire car donation brokers to handle their donations. These companies take a big chunk of the profits. You want to be aware of this because the charity won’t get all the profits, if that’s important to you. You might just be more interested in getting the tax donation deduction.
The best way to avoid the big brokers is to find out which local organizations accept car donations. You can look at ads or even call charities that you think have these programs. You want to ask them if they handle the sale of your car in-house or if they outsource it to a company that does that for them.
Many charities choose to keep some vehicles to transport patients, clients or goods. Or they may decide to give a car to a disabled or needy customer. If any of this is important to you, check this with the charity how they will use the car.
Car donation programs include: Target Car Donation Program, Goodwill Industries Car Donation Program, Kidney Foundation, Make A Wish Foundation and many, many others. You will also find many smaller charities. If you areunfamiliar with the charity, check with the Better Business Bureau to make sure the charity is trustworthy.
If you have a favorite charity, call them to see if they accept donations. This would be the way to start. Check online to see where you can donate your car and what car donation companies are advertising and check their websites or call them to find out how you can donate your car, including all the qualifications for the car and what you need to know. All these companies will provide you with the right forms for donation. You should get the income tax forms yourself. You should check with your CPA or accountant to make sure you benefit from the donation.
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