Donating to charities isn’t just for the wealthy or the high-profile. You don’t have to be famous to give. Actively participating in charity events may not be your thing, but everyone gets to a point where a good, serviceable but old armoire or a working washing machine may need to be replaced by a newer or updated style. What, then, would you do with them? There are organizations that work with charities to accept your donations. Continue reading
No matter how people love their cars, there comes a time when they’ll have little use for it and will decide to give them up. Whether it’s due to increased cost of upkeep or that they have their eye set on a replacement, the options for disposing one’s old car are limited. Here are three ways many opt to do when it’s time for them to say goodbye to their old ride. Continue reading
Donating an old vehicle is a win-win situation. On the one hand, you’re helping a charitable organization do meaningful work; on the other, you can write off the donated car as a tax deduction.
Just how much can that deduction be, though? The following section provides an easy to understand guide:
If a Car is Valued at $500
If your car has a fair market value price of at least $500 but sells at lower that amount, you can claim the full $500 deduction just the same. Consider this a pat on the back for doing a good deed. This “sub-$500” rule applies to all succeeding scenarios described below. Continue reading
Donors who donate their old vehicles to charity often do so in order to claim a tax deduction. No doubt, getting a tax break seems like a fitting reward for doing something that may benefit other people in the long run. However, while it was possible for the donor to claim the fair market value of a vehicle donation in the past, new regulations now affect the value of a donated vehicle. Continue reading
People with good intentions are often double-crossed by those with ill will. This especially holds true when it comes to car donations. People who just want to help charities sometimes fall victim to car donation fraud that deprives legitimate charities of the contributions that they need to keep functioning. But you can be an intelligent car donor, and you can make a difference. Continue reading
You are here because you’re planning to donate your car. You spent a fortune maintaining your car and now you have decided you can’t do it any longer. You thought about selling your car, but you have read online that there is a thing called “car donation”. You want to know if a car donation is really worth it. Continue reading
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