Car Donation Fever
A car always attracts attention. In the society of today an automobile is both a need and a luxury. A need because it is now a must, in order to survive, for example: you now need a car go to work, buy groceries, and etc. Car donations are essential parts of most charity fund raising techniques as well as charity work because there is an endless need for cars so they are an easy profit.
To emphasize how a car is of such importance, hear this: even junk and non running cars are accepted as donations. The cars may be repaired or restored, sold into auction or used by the institution it was donated into. You know how some peoples’ trash are others’ treasure? Well this is the case where it is literal.
Think about it, holding on to things that is of no use is utter depravity. Some people horde, imagine a car under those pile of junk! Wouldn’t it be good, if you could get rid of that one thing that may give you more space, feel good about yourself, and get a tax break?
In this time of economic downturn helping people while helping yourself is a win win situation. The information of going about it is the most important factor.
Most Americans have access to the internet, so go online and type in car donation. Read up, and evaluate your newly acquired knowledge. Sounds easy right? However, before committing yourself to a charity that looks and sounds great, look around and do your research. There are companies that look like a charity but are actually a mediator, and there are even those that pose as charities when in fact they are not. The easiest way of looking for the right charity is to visit a local charitable institution. Conduct an interview with their officer, do not hesitate to ask questions, after all you want your donation to not only help you but others as well.
Not only is the charity’s intent important, but also its service towards you “the donor”. To be able to claim tax write offs, you have to work hand in hand with the charity because the IRS have now set stringent rules governing car donations.
Goals For You and For All
After going round the local charities, take time to sit and think about your agenda. Where do you want your car donation to be used? What are the organizations goals? Does it coincide with yours? These questions are important if it is difficult for you to let go of the vehicle you are donating.
The clincher always seems to be the tax deduction, so here’s a gist of the IRS’ new conditions. To avail of the tax break the charity must issue an acknowledgement certificate of donation containing the charity’s name and address, the make and model of your car, its present condition, and a fair appraisal amount of the car’s worth. Additionally, they must also state that no goods or services were made in repayment for the car so it can qualify as a donation. The IRS allows a deduction of not more than 50% of your gross deductible amount. The write off will be based on the car’s market value, or the amount in which the charity got for the car.