Donate Auto Instead Of Selling It
Aside from the wonderful feeling you get when you help a fellow human being, donating an unused car offers other benefits for you as well. Your donation is tax deductible. You'll get a minimum charity tax deduction of $500. If your car is valued higher than that, you'll receive a charity receipt for its value so that you can deduct its full value from your taxes.
If you go through one of the intermediary car donation organizations, they'll be taking a sizable amount for profit and it could be as much as 50% to 90%. They may handle a lot of the details the charity isn't set up to do but this needs to be checked out. So if you're interest is in giving the charity the most amount of profit it's better to go direct through a charity. If this doesn't matter to you then you may want to go through an intermediary and their cars for wishes program.
Set up a goal. Make a goal of where you ant to be in a year, in five years and in a ten years plan. Also make a wish of the money. How much do you want to make in what period of time? Are there any people to involve in your plans?
The best thing when you donate a boat or a car to charitable institutions is that you are able to help the needy through these institutions. You can be the richest man in the world but if you cannot share your blessings to those that need it the most, you are nothing. Giving is a very rewarding deed. When you give to others in need, you will also be given when you are in need.
Once you find the charity you wish to donate your car to it will be processed to help a family directly. Kids and adults alike can benefit as they will now be able to make it around town with your donated car and that can exemplify their home life. Donating to cars for kids can be tax deductible, if you choose to write it off. It is suggested to check with the IRS for all the laws and forms to claim your car as a donation. Checking with Kelley Blue Book can give you an idea as to what the Fair Market Value of your car may be.
Charities will offer free pick up right from your home or office. They will also provide the documentation that you need in order to get an income tax deduction. All documentation is provided so that you have the proper paperwork for your tax records as well.
First, you can't just donate a car for tax write offs to just anybody and expect to get the deduction. The charitable organization has to be recognized as such by the IRS. Check wheels for wishes and look for publication 78.
The most obvious advantage of the car donation is that it lets you get rid of the hassles and you can relax. You no longer have any responsibilities towards the warranty on your car. Also, you can donate a car in any condition. That means, even if the car is not in the working condition, you can donate it.
If you are really serious about purchasing the car, ask to take the car to your mechanic. There, have the mechanic put the car on a lift and inspect it completely. It may cost as much as $100, but it will be money well spent. Also spend the few dollars it costs to run either a Carfax or Auto Check report. That will tell you the history of repairs and accidents on the car.
In many cases, you might have to look quite hard in order to find the charities that can help you out in this manner. While car donations are still noble, smaller charities run on a tight budget, which doesn't permit them to pick up cars on your behalf. Hence, the internet triumphs in this manner.