Did you know that when you donate vehicle, you are not just helping your chosen charitable organization but yourself as well? The IRS gives you tax deductions for every vehicle donation you make which is why donating a vehicle is not just beneficial for the receiver of the proceeds but for you as well. The tax deduction when you donate vehicle is stated under the car donation laws which have been in effect since January 2005.
Below are some of the reasons that can help you decide to donate vehicle:
• Tax deductions: A lot of individuals decide to go for a car donation instead of selling the car to dealers especially since cars priced over $500 can entitle the individual to a tax deduction worth the price of the car. Instead of exerting extra effort to find buyers or advertising an old or used car, a car donation still gives the individual who donates savings by tax deduction.
• Personal fulfillment: Giving back to people or organizations which are in need of financial assistance through your donation can bring you a different level of fulfillment knowing that your “small act” of donating a car can help fuel their organization forward. While it is true that the car donation facility gets to keep a percentage of the proceeds from the vehicle, the amount donated to charitable organizations still sums up to a lot for those who are on the receiving end. Knowing you can help change some lives when you donate vehicle is something you can be proud of.
• Less hassle: Instead of going for the traditional methods of making money from your used car by selling it to interested buyers or selling it to a junk shop, you can entrust your used vehicle to a vehicle donation agency which will arrive at your doorstep with the accomplished tax documents for you. You can save yourself the trouble of finding buyers when you donate your car instead.
Important Thing to Note Before Donating
You must remember, however, that not all car donation facilities are legit. Also, keep in mind that you will only receive tax deductions when the donation is made to an IRS approved charity. When you have made up your mind on which charitable institution you would like to help, getting in touch with a trusted vehicle donation agency is the next thing to do to ensure that your donation will not go to waste.
Below are some of the reasons that can help you decide to donate vehicle:
• Tax deductions: A lot of individuals decide to go for a car donation instead of selling the car to dealers especially since cars priced over $500 can entitle the individual to a tax deduction worth the price of the car. Instead of exerting extra effort to find buyers or advertising an old or used car, a car donation still gives the individual who donates savings by tax deduction.
• Personal fulfillment: Giving back to people or organizations which are in need of financial assistance through your donation can bring you a different level of fulfillment knowing that your “small act” of donating a car can help fuel their organization forward. While it is true that the car donation facility gets to keep a percentage of the proceeds from the vehicle, the amount donated to charitable organizations still sums up to a lot for those who are on the receiving end. Knowing you can help change some lives when you donate vehicle is something you can be proud of.
• Less hassle: Instead of going for the traditional methods of making money from your used car by selling it to interested buyers or selling it to a junk shop, you can entrust your used vehicle to a vehicle donation agency which will arrive at your doorstep with the accomplished tax documents for you. You can save yourself the trouble of finding buyers when you donate your car instead.
Important Thing to Note Before Donating
You must remember, however, that not all car donation facilities are legit. Also, keep in mind that you will only receive tax deductions when the donation is made to an IRS approved charity. When you have made up your mind on which charitable institution you would like to help, getting in touch with a trusted vehicle donation agency is the next thing to do to ensure that your donation will not go to waste.
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