A) Thousands of charities have been able to provide services and conduct research and outreach because of the support of car donations.
B) You can maximize your tax deductions.
C) Mrs. Butterworth will give you a big high-five.
D) Both A & C.
E) All of the above.
That’s right the answer is E) All of the above!
When you donate your car, the proceeds go a charity of your choice. Which charities are available? Why there’s the American Red Cross, the American Diabetes Association, the United Way, not to mention the American Association for Cancer Research, United Breast Cancer Foundation, Humane Society & SPCA, and even the Boy Scouts of America. Plus many, many more!
Should you determine the fair market value of your car?
The answer to that question is a big, “Yes! Yes! Yes!” Use the Kelley Blue Book or IRS Publications 526 (“Charitable Deductions”) and 561 (“Determining the Value of Donated Property”). If it’s worth $5,000 or more, you can have the car appraised by a certified professional.
Then what!? How do you do it? Let me walk you through the operational rundown:
- Fill out a simple vehicle donation form on donation websites (Google it, you’ll find plenty), or call the provided toll free numbers (also provided on the website).
- The charity you choose also arranges pick up of your donated vehicle.
- A towing company will tow the vehicle away.
- You’ll receive a car donation receipt at the time of the pick-up.
- You’ll then feel good about yourself for helping out a good cause.
- Treat yourself to a hot fudge sundae!
Once you wave bye-bye to your now charity-donated-vehicle, be sure to notify the DMV and your insurance company of your charitable doings.
CONGRATULATIONS! YOU JUST DONATED YOUR CAR!
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