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Article Title: Car Donation - Know What Your Options Are
Author: Helen Hecker
Category: Finance RSS
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Car Donation - Know What Your Options Are <br> Article By: Helen Hecker <br><br> <p>In the US it's possible to donate a car, boat or any other vehicle to certain charities, and in return be able to claim a nice tax deduction on your personal income tax return. If your car donation is accepted, the charity takes care of the towing expenses and provides you with the necessary documents you'll need to complete your return. The process for charitable car donation is simple and convenient.</p><p>Some charity car donations may not qualify for the tax exemption because of the condition they're in. And if you don't intend to deduct the vehicle donation on your income tax return, no further action is necessary. For cars that sell for less than $500, charities don't need to send you a form, but you'll still be able to deduct up to $500 in taxes.</p><p>There are a few exceptions to be aware of in the new tax law regarding the fair market value section: for one example, you may base your deduction on the vehicle's fair market value only if the charity sells it to an individual in need at a discounted price or if the charity uses the car as part of its mission instead of selling it. The donor is responsible to an extent to determine the value of their car donation. If your car, truck, boat, motorcycle, RV or aircraft is no longer of any use to you, it can still go a long way by supporting the charity of your choice.</p><p>The donor of the vehicle benefits from the donation by receiving a tax receipt for the highest possible value of the vehicle. With the new rules the donor can deduct only the amount the charity actually receives for the vehicle. One of the exceptions to the new IRS regulations allows the donor to still deduct the fair market value of their vehicle, provided that the charity materially improves the vehicle.</p><p>Cars can be donated to the recipients directly or sold and the money given to charity. Some charities have the capability of repairing or performing maintenance on a vehicle and getting it ready for sale. Don't let your unused vehicle go to waste just sitting around.</p><p>For states that require smog or safety inspection certificates, you can still donate your vehicle without these documents. But make sure to have your title handy when you call in your donation. It's not common knowledge but some car donors in need of a new vehicle even buy a recently donated and repaired vehicle.</p><p>The amount you list on IRS Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes will be the gross not net proceeds of the deductible donation. The vehicle is usually marketed by the charity and sold to a buyer in need of a good used vehicle. Some charities, that run their own program instead of hiring a car donation program middleman, are discriminating about which vehicles they will accept, repair and materially improve. They sell most of their vehicles at retail not wholesale.</p><p>In some cases charitable car donors can still claim the fair market value for their used vehicles. The charitable organization uses the profit they derive from the vehicle to help fund their specific programs. You may also easily donate your car online to individual charities or to car donation programs.</p><p>Regardless of the laws, it's a good idea to protect yourself by having insurance coverage on your vehicle up until the moment it's donated. And best of all, by not selling your car yourself, you don't have to worry about total strangers calling you up to get information about where you live, or coming to your house to see the vehicle. Once you've made the arrangements and received the forms from the charity, have them filled out and ready when the driver comes to pick up the car.</p><p>Major charity car donation programs include: the Kidney Foundation Car Donation Program, Target Car Donation Program, and Goodwill Industries Car Donation Program. Other major charity car donation programs include: Make A Wish Foundation and the American Red Cross. Whatever the case, your car donation, like any other charitable donation, will help someone in need and it will make you feel good to help in some way.</p> <br><br> Original Article URL: <a href='http://www.myfreearticlecentral.com/Article_2447_Car-Donation--Know-What-Your-Options-Are.aspx'>Car Donation - Know What Your Options Are</a> <br><br> <p>For more info on choosing the best charity car donation, car donation program, used car donation or charitable car donation online or offline go to <a target="_new" href="http://www.Car-Donation-Info.com">http://www.Car-Donation-Info.com</a> for charity and tax deduction tips, help, facts, reviews, including info on all types of car donation</p> <br><br>



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Car Donation - Know What Your Options Are Article By: Helen Hecker In the US it's possible to donate a car, boat or any other vehicle to certain charities, and in return be able to claim a nice tax deduction on your personal income tax return. If your car donation is accepted, the charity takes care of the towing expenses and provides you with the necessary documents you'll need to complete your return. The process for charitable car donation is simple and convenient.Some charity car donations may not qualify for the tax exemption because of the condition they're in. And if you don't intend to deduct the vehicle donation on your income tax return, no further action is necessary. For cars that sell for less than $500, charities don't need to send you a form, but you'll still be able to deduct up to $500 in taxes.There are a few exceptions to be aware of in the new tax law regarding the fair market value section: for one example, you may base your deduction on the vehicle's fair market value only if the charity sells it to an individual in need at a discounted price or if the charity uses the car as part of its mission instead of selling it. The donor is responsible to an extent to determine the value of their car donation. If your car, truck, boat, motorcycle, RV or aircraft is no longer of any use to you, it can still go a long way by supporting the charity of your choice.The donor of the vehicle benefits from the donation by receiving a tax receipt for the highest possible value of the vehicle. With the new rules the donor can deduct only the amount the charity actually receives for the vehicle. One of the exceptions to the new IRS regulations allows the donor to still deduct the fair market value of their vehicle, provided that the charity materially improves the vehicle.Cars can be donated to the recipients directly or sold and the money given to charity. Some charities have the capability of repairing or performing maintenance on a vehicle and getting it ready for sale. Don't let your unused vehicle go to waste just sitting around.For states that require smog or safety inspection certificates, you can still donate your vehicle without these documents. But make sure to have your title handy when you call in your donation. It's not common knowledge but some car donors in need of a new vehicle even buy a recently donated and repaired vehicle.The amount you list on IRS Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes will be the gross not net proceeds of the deductible donation. The vehicle is usually marketed by the charity and sold to a buyer in need of a good used vehicle. Some charities, that run their own program instead of hiring a car donation program middleman, are discriminating about which vehicles they will accept, repair and materially improve. They sell most of their vehicles at retail not wholesale.In some cases charitable car donors can still claim the fair market value for their used vehicles. The charitable organization uses the profit they derive from the vehicle to help fund their specific programs. You may also easily donate your car online to individual charities or to car donation programs.Regardless of the laws, it's a good idea to protect yourself by having insurance coverage on your vehicle up until the moment it's donated. And best of all, by not selling your car yourself, you don't have to worry about total strangers calling you up to get information about where you live, or coming to your house to see the vehicle. Once you've made the arrangements and received the forms from the charity, have them filled out and ready when the driver comes to pick up the car.Major charity car donation programs include: the Kidney Foundation Car Donation Program, Target Car Donation Program, and Goodwill Industries Car Donation Program. Other major charity car donation programs include: Make A Wish Foundation and the American Red Cross. Whatever the case, your car donation, like any other charitable donation, will help someone in need and it will make you feel good to help in some way. Original Article URL: http://www.myfreearticlecentral.com/Article_2447_Car-Donation--Know-What-Your-Options-Are.aspx For more info on choosing the best charity car donation, car donation program, used car donation or charitable car donation online or offline go to [http://www.Car-Donation-Info.com] for charity and tax deduction tips, help, facts, reviews, including info on all types of car donation

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