Car Donation Tax Deduction
Car Donation Tax Deduction | Donate Your Car to Charity
Many people have old cars that don’t have enough value to sell. They may be broken and not worth fixing, or they may run but aren’t being driven regularly. If you have an old car that you aren’t using, consider making a vehicle donation to charity and get a car donation tax deduction.
If you have a charity that you support, just let Charity Dispatch know when you call. Your car will then be picked up, within 24 to 48 hours of your initial contact and the pickup is free.
Did you know vehicle donations are tax deductible? When your vehicle sells at auction, Charity Dispatch will mail you a letter outlining how much the vehicle sold for, which you can in turn use for your tax deduction. Oftentimes, the credit you receive for your donation will exceed what you could have received by trying to get rid of the car yourself. So you in exchange for your generosity, you’ll receive a nice credit on your taxes.
If your car isn’t running, you probably won’t get very much by selling it for salvage, and many salvage companies will deduct the cost of picking up the vehicle from the amount you receive. In most cases, a vehicle donation will be better from a financial standpoint than a salvage sale. With car donations, you receive a tax deduction and your charity receives a nice gift.
In addition to cars, charities accept trucks, vans, SUVs, boats, motorcycles, RVs, snowmobiles and even airplanes as donations. Charities depend heavily on vehicle donation to raise funds and support their community efforts. Since the process of donating a car is so simple, it has become a very popular way to give. These gifts allow charities to continue their work in communities around the world.
So if you have a car that is just taking up space, that you don’t want to be bothered selling, consider making a gift of it to your favorite charity and receive a car donation tax deduction.