Donating your car is a great way to help out worthy causes. Your
car donation is fully tax deductible, as long as the charity is
a registered 501(c)3 organization. It is best to check with the
charity or your tax advisor to ensure you are entitled to a tax
deduction.
Even though some of the car donation tax laws changed a few
years back, this is still a great way to help yourself and
others.
The IRS has now removed the need for an individual to determine
the value of your vehicle as you are now allowed to deduct the
sale price. Remember, this is the sale price that the charity
sells your car for! If they dont sell the car and use it instead
for their valuable work, you are entitled to deduct the market
value of the vehicle.
If you do choose to make a car donation, you will find that the
process is very easy. Organizations that offer to take vehicles
generally have information available online or over the
telephone and in some cases you can fill out online forms to
start the donation process.
On the other side of the donation process, it is vitally
important for charities who receive such generous gifts to
acknowledge the donors as soon as practicable - immediately if
possible but never longer than a few days.
Why? Being prompt is being courteous and your donors need to
feel appreciated. A personal visit or phone call should be
followed up by a well worded thank you letter.
Remember, people will stop giving if they dont feel that their
gift is appreciated.
So, if you have clear title to your vehicle and feel you wish
to give something back to your community, consider car donation.
Your generous gift will help people far less fortunate than
yourself.
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