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
Donating a car to charity can lighten the financial load on your chest. The IRS, however, takes note of such actions and tries to determine your potential tax liabilities for doing so. Fortunately, there are ways to reconcile your issues with the IRS after you let go of the vehicle.
A reputable car donation service has a list of charities they work with when processing donated vehicles. You are free to do research on your potential beneficiaries’ particulars, but the key indicator should be their inclusion in the IRS’ annual Cumulative List of Organizations as a Section 501 (c) (3) charitable entity. Continue reading