Donating Cars

Donating cars isn’t something everyone does. A lot of people prefer to trade in their car for a discounted new one. Others prefer to privately sell the car themselves. However, donating cars is a better option compared to either of these for two distinct reasons. Firstly, in both the cases, you might not really get the full value that will make selling a car really worth the effort. Secondly, it takes considerable investment of time to sell a car or estimate the price at which you can trade in. Donating cars saves time on one end and also lets you contribute to society and help someone in need. The icing on the cake as far as donating cars is concerned, is the IRS tax deduction that you will receive, equivalent to the sale value of the car. However, donating cars has to be accompanied with some logical steps to ensure that you have no loose ends.

Finding A Place For Donating Cars

For donating cars, you need to find a car donation center which collaborates with charity organizations. Make sure the charity organization or the car donation centres through which you donate, are IRS approved organizations. Donating cars to non IRS approved organizations wouldn’t really fetch you the tax deduction benefits that you are looking for. Moreover, you would want to be assured that the funds obtained from the car sale or the car itself, are used for helping out the needy.

Donating cars should also involve some responsibility on your part. It should be noted that a lot of charity organizations are already stretched thin and hence cannot afford getting the car fixed or washed. In fact, requesting for car pickup would be an added burden on their budget. Hence it is a moral responsibility of the car donator, who should ensure that the car is in drivable condition. While donating cars, it is important to fix an appointment with the chosen charity organization and drop the car yourself. Most organizations would provide receipt to those donating cars almost immediately. Archiving every bit of documentation is very important if you are hoping to claim for tax deduction. Besides, you would also need the statement for the car sale proceeds within a month of the donation.

Different Charities May Have Different Procedures For Donating Cars

Donating cars doesn’t always involve the same procedure. For example, after donating cars, you might realize that the car is used by the charity organization for some of its own projects. For example, internationally reputed organizations like Goodwill need motor vehicles for helping out victims of floods and earthquakes and injured patients by transporting them to hospitals or by bringing the medical staff to the troubled site. Donating cars in that case might not involve tax deductions or might require a different procedure to be followed.

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Donating Cars

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