If you want to donate a car to charity maybe because you don't have time to sell it or you don't think you can get what it's worth or just don't have the time to bother with it or you want to use it for an income tax deduction here are a few tips you should know.
First check with your local charities and see if they can accept car donations. This is the same if you have a truck, boat, RV, motorcycle, airplane or other vehicle you want to donate. Some are set up to sell them on their own lots or have use for them within the organization to carry goods and/or people during their business day.
For those charities that are not set up to handle donations they hire companies that are set up to resell your car, usually called car donation brokers through car donation programs. If you seek them out know that they may keep 50 percent or more of the value of the vehicle. However since so many charities aren't set up to handle these donations they hire them and get profits they wouldn't ordinarily get, so the charity does gain some monies. You can always ask the broker how much of the profit is passed on to the charitable organization.
Make sure to ask if the charity is IRS-approved 501 9(c) (3) or is a qualified religious organization such as a church, temple or mosque in order to accept the donation.
Once you know what charity you're going to donate it to, you can save the charity some money by dropping off the car or vehicle yourself. Some charities charge a removal fee and you can avoid this. Make sure to pass the title on to the charity and sign it over with their name to prevent future legal problems.
If the car or vehicle is worth more than $500, that you can claim a charity tax donation. You want to check the Kelley Blue Book to make sure you know its fair market value.
Make sure to take pictures of the car inside and out for your records.
If your car is worth more than $500 then you'll need to file IRS form 8283 with your tax return. If it's worth more than $5000 then you'll also need an appraisal. So check the IRS form for exact details. You'll also need your charity receipt and a copy of the change of ownership in the title.
This is basically how to donate a car to charity. If you're careful in filing any necessary paperwork, documents, and IRS forms and keep copies of everything, have proof of the value and take care to check all the details you should benefit greatly as will the charity.
For more tips on choosing the best charity car donation, car donation program, used car donation or charitable car donation online and offline go to http://www.Car-Donation-Info.com for charity and tax deduction tips, help, facts, reviews, including information on all types of car donation
Article Source: http://EzineArticles.com/expert/Helen_Hecker/23532
By Helen Hecker
First check with your local charities and see if they can accept car donations. This is the same if you have a truck, boat, RV, motorcycle, airplane or other vehicle you want to donate. Some are set up to sell them on their own lots or have use for them within the organization to carry goods and/or people during their business day.
For those charities that are not set up to handle donations they hire companies that are set up to resell your car, usually called car donation brokers through car donation programs. If you seek them out know that they may keep 50 percent or more of the value of the vehicle. However since so many charities aren't set up to handle these donations they hire them and get profits they wouldn't ordinarily get, so the charity does gain some monies. You can always ask the broker how much of the profit is passed on to the charitable organization.
Make sure to ask if the charity is IRS-approved 501 9(c) (3) or is a qualified religious organization such as a church, temple or mosque in order to accept the donation.
Once you know what charity you're going to donate it to, you can save the charity some money by dropping off the car or vehicle yourself. Some charities charge a removal fee and you can avoid this. Make sure to pass the title on to the charity and sign it over with their name to prevent future legal problems.
If the car or vehicle is worth more than $500, that you can claim a charity tax donation. You want to check the Kelley Blue Book to make sure you know its fair market value.
Make sure to take pictures of the car inside and out for your records.
If your car is worth more than $500 then you'll need to file IRS form 8283 with your tax return. If it's worth more than $5000 then you'll also need an appraisal. So check the IRS form for exact details. You'll also need your charity receipt and a copy of the change of ownership in the title.
This is basically how to donate a car to charity. If you're careful in filing any necessary paperwork, documents, and IRS forms and keep copies of everything, have proof of the value and take care to check all the details you should benefit greatly as will the charity.
For more tips on choosing the best charity car donation, car donation program, used car donation or charitable car donation online and offline go to http://www.Car-Donation-Info.com for charity and tax deduction tips, help, facts, reviews, including information on all types of car donation
Article Source: http://EzineArticles.com/expert/Helen_Hecker/23532
By Helen Hecker
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