Top Tax Deduction!
Automobile donations are a great way to contribute to the society. Every automobile donation is changing millions of lives each day. As is rightly said, bread cast on the waters comes back to you; this act of generosity also has great benefits in store for you too.
Automobile donations to a charity of your choice will give the charity a vehicle for their use. Old are homes or children’s charitable institutions can use the vehicle to transport senior citizens and children respectively. However, if the charity does not require the assistance of a vehicle, they can choose to sell it and use the funds generated to help them with their cause. Automobile donations can bring joy to a lot of poor and helpless people.
However, you too get a financial benefit in return for your good deed. All automobile donations are eligible for tax deductions. You can get a tax deduction equal to the fair market value of your vehicle at the time of donation. You can determine the fair market value of your vehicle by Kelley’s Blue Book.
Tax Deduction Eligibility For Automobile Donations
But for your auto donations to be eligible for tax deductions, you must donate to a charity that is recognized by section 501 of the Internal Revenue Service Tax Code as a non-profit organization. You can get a list of recognized charities from the Internal Revenue Service database. Moreover, you should get a receipt of your donation and preserve all records of the transaction. If your vehicle is valued between $500 to $5,000, there are certain other formalities that have to be completed. You’ll have to fill out a form according to the Internal Revenue System regulations. Once you have decided on a charity, the rest is easy. Give them a call and they will arrange for all the paperwork regarding your donation.
Automobile Donations Are Convenient
To avoid the hassles of selling your old car or truck, donate it to a charitable institute. Donating your car to charity will surely bring you great rewards in return. Additionally, auto donations can give satisfaction and joy to you and millions of other impoverished people.
Automobile donations are powerful. You can change the life of somebody less fortunate than you are. More than the tax deductions or any other incentives, that feeling alone is what makes automobile donations worth it.
For details regarding automobile donations and how you can make a difference today, please visit www.charitydispatch.com