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Car Donation For Tax Deduction Tips - How You Can Protect Yourself
If you're thinking about donating your car to charity to get the best tax deduction possible there are a few things to keep in mind. Most likely it will go off without a hitch but there is the possibility that you could encounter a few problems along the way. To help you have the best car donation experience here are a few used car donation tips to keep in mind, whether a good car, an old car, a heap or junk car.
Even beat up or cars that are not drivable are considered by some charities if they can be sold for parts, so don't eliminate your car if it's not drivable. Many charities insist the car be drivable or fixable however.
Choose a charity that has a name that you recognize. National charities with local chapters may be a safer bet. Names like the Salvation Army, Goodwill Industries, Kidney Foundation (there are several) etc. But be careful because there are some charities with similar sounding names.
Be aware that many charities hire middlemen called car donation brokers to handle their donations. When this happens, the charity will get only a small percentage of the final value of the vehicle - used car, truck, RV, boat, airplane, etc. And the car donation broker will keep the majority of the money from the sale when they sell it.
Once you've selected the charity make sure to check with the charity to see how they financially benefit from the car donations. Is it through resale of the car or will they be providing it to someone who needs transportation but can't afford to buy a car. You may have some feelings about how you want the car to be used. It may also be used by the charitable organization itself to haul goods, food and people.
Check out the charity with the Better Business Bureau in your area. They may have some records as to any car donation issues.
Make sure the charity is registered with your states' government agency that regulates charities. This will likely not be necessary if it's a nationally recognized charity.
Check to make sure the charity is tax exempt because many smaller charities may not be.
Another thing to check is do they sell the car on their own car lot or do they hire the car brokers mentioned above to do that.
If your car or the vehicle you plan to donate is worth more than $5000 get a professional, written appraisal. It will be up to you to know the value of the car.
For your income tax records take several pictures of the car both inside and out and keep copies of Craigslist and classified ads and NADA and Kelley Blue Book guide estimates for vehicles like yours. The IRS publishes publication # 561 and #526 that will help determine the value of donated cars, trucks, vehicles and other property.
And make sure the title of the car is transferred to the charity by name and keep a copy of it. Contact your state DMV to see what to do with the plates.
Notify your insurance company and the DMV that you no longer own the car or other vehicle.
These are just a few of the most important tips to keep in mind to protect yourself when you're considering car donation for tax deduction. There are many other tips you should know before you donate a car to charity.
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Next for info on choosing the best charity car donation, car donation program, used or charitable car donation online and offline go to http://www.Car-Donation-Info.com for tax deduction tips, reviews, and info on all types of car donation
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