So you’re planning to donate your old car to a charitable institution, but you’re not quite sure how to go about it? Read on to find out more:
Select a charitable foundation.
When choosing a charity, make sure that it is listed in the Internal Revenue Service as a 501(c)(3) public charity trust. This qualification helps you get tax deductions. Continue reading
To qualify for a tax deduction from your donated car, you must give to a beneficiary that is registered as a 501(c)(3) organization. In other words, a registered nonprofit.
Charities often include “501(c)(3)” in their descriptions to inform people that they’re nonprofits. The term refers to the section in the Internal Revenue Code, which states that an organization can qualify for tax exemption if it operates for purposes of religion, charity, science, testing for public safety, literature, education, promotion of amateur sports, and prevention of cruelty to animals and kids. Continue reading