<title> Donate your used vehicle and get a tax deduction</title>

Donate your used vehicle and get a tax deduction

Donate Your Used Vehicle score a tax deduction

Donate your used vehicle and get a tax deduction. Yes! If you have some cash problems and you can not pay your tax or you need your money for something more important than your car then just get read of the car.

Also you can donate your boat, yacht, motorcycle, recreation vehicle or even some construction equipment like dozers, earth movers and etc. You can donate almost every car or other vehicles which cost is bigger then the towing cost from your home to the donation centre, which means older vehicles are also useful.

Donate your used vehicle with open eyes, because there are some companies which are acting like a charity and they work for the charity programs but usually they keep about 50 to 90 percent of the value for themselves. So be careful and try to donate directly to the charity and not to the middleman, because if you do so, there are big chances that your donation is not eligible for a tax deduction.

Donate Your Used Vehicle score a tax deduction

The charity you choose for a donating your car or vehicle MUST be an IRS approved 501(c)(3) organization. You can also check with IRS for this information. The churches, mosque, synagogue and other religious organisation, usually are qualified, but be careful with some not recognised religions or cults.

Donate your used vehicle personally so you and charity can avoid some towing fees. Right after you donate your used car make shore to formally re title the car (or other vehicles) to the charity. Report the transfer to state department of motor vehicles or licensing.

IRS is well known by their bad habits to like to know everything. If your donated used vehicle is worth more than $500, IRS will be happy to see an evidence so be shore to take a receipt from the charity. If the charity keep the vehicle for their needs, than you can report the fair market value based on the Kelly Blue Book or some similar listing.

If your used vehicle donation is with greater value (more than $5000) you need an outside appraisal, receipt from the charity and a copy of the title change. Other way you will need just to attach IRS 8283 form.

Advice for the end: Be careful with all papers and documents.

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Comments

  1. Car donation tax deduction and charitable contributions are federal tax deduction forms which help both the charity’s and the citizens who help the charities. Car tax deduction for charity is nice deal for all.

  2. car kerala says:

    i can see many people adopting the same way of donating the cars for tax deduction. Its better idea than selling your used car outside and getting lost from the menace of contacting used car dealers and selling