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"How to donate car for tax credit"
Replies
You can donate car to Cars4Charities Car Donation Center, www.cars4charities.org, They place minimum bids on their auction cars so you will get the best tax deduction.
There are typically not-for-profits that would like to have donated automobiles - Rawhide Boys Ranch in Wisconsin is one. Google Rawhide Boys Ranch and hit the link for Similar Sites. As for household items, go with St. Vincent's or Goodwill.
- #3
- Posted: Jul 10, 2009 01:58 PM
Flag for inappropriate language - boomerFA
- Baltimore, MD
- View Profile
If you donate your car to charity, you may claim a tax deduction for the donation if you itemize your deductions on your federal income tax return. To get started, you'll need to pick a qualified charitable organization, determine the fair market value (FMV) of your car, and obtain the necessary documentation for your donation.
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- Posted: Jul 10, 2009 01:58 PM
Car donation is the practice of giving away no-longer-wanted automobiles or other vehicles to charitable organizations. In the United States, these donations can provide a tax benefit and have become very popular. <a href="http://www.wheelsforwishes.org/">car donation</a>
- #5
- Posted: Feb 24, 2011 08:10 AM
Flag for inappropriate language - bettinacurti
- Miami, FL
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Before you ask how to donate car for tax credit I guess it's better to know where you would like to donate your car. One advise I could give you is that make sure you donate your vehicle to a non-profitable organization who have the pure heart to actually give it to a foundation who benefits those in need. Usually a car donation program like Wheels for Wishes entitled you to get a charitable tax deduction. So if your car is sold for less than $500, you can claim the fair market value of your vehicle up to $500 or the amount it is sold for if less than fair market value. For more information why not go to Wheels for Wishes site, http://www.wheelsforwishes.org
- Posted: Feb 24, 2011 08:10 AM
- #6
- Posted: Oct 03, 2011 03:16 PM
Flag for inappropriate language - Boom Staff
- New York, NY
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Great question, and what a wonderful thing you’re doing by donating your car and other items to someone in need!
You’ll have to do a bit of legwork to donate the car correctly, as tax laws have changed after some taxpayers took advantage of this benefit and overestimated the value of the donation.
Experts recommend avoiding middlemen (i.e. if you already donate to a specific charity, check with that organization to see if they would accept your donated vehicle, rather than letting an intermediary handle the deal and eat all the profits), ensure the charity is IRS-approved, deliver the vehicle yourself, keep a thorough paper trail and stay on top of the details of the transaction from beginning to end, transfer the vehicle fully (so that you don’t end up with parking tickets on a car you no longer own), and know the fair market value to make an accurate estimate.
Consult these sites to find reputable charities in your region: http://www.bbb.org/us/charity/ and http://www.charitynavigator.org/.
- Submitted by Boomerater Staff
- Posted: Oct 03, 2011 03:16 PM
- #7
- Posted: Nov 22, 2011 01:33 PM
Flag for inappropriate language - williamkates
- Pleasanton, CA
- View Profile
so many are recycle their cars so they don,t know what are the benefits behind to donate your vehicles to charities and organizations.car donation will help the others to put your car to auction and earn money.when you donate your car or other vehicle,you helped someone in need indirecly through our charities.And also,you are donating a vehicle to qualified charity organizations,you can claim the donation deducte your taxes and help to reduce the income tax which u have to pay.The company also offers rewards and vacation packages with the donation of a vehicle worth over $500.
Consult these sites to donate ur car - http://cars-to-charity.org/
http;//www.cars-to-charity.org/
- Posted: Nov 22, 2011 01:33 PM
There are many [url=http://www.outreachcenter.com/]car donation[/url] resources available now. Just find something close to you and then check for referrals and go for it!
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I am moving to Phoenix and want to get rid of my car. What is the best way to donate the car and other household items to charity and get a tax credit?