Summary:
If you would like to help people who are less fortunate than you and you don’t know which are the possibilities to do so, or if you intend to buy a new can and don’t know yet what to do with your old one, then car donation might be the perfect solution.
Article Body:
You can donate your car to a wide range of charity organizations, but picking the most representative ones requires getting some previous information. So before actually donating your car, make sure you get some relevant info about the charity organization, its purposes, projects and usage of your car. You might find out that there are various organizations that have different goals and you will probably find, among them, a great cause and possibility to donate your car to something meaningful. Even more, make sure that your car is going to go to an eligible organization that is serious in its acts and has valid previous work. In order to be sure, speaking directly with the charity agents is the safest way to go. In fact, the IRS requests that the donors are aware of the type of the fundraiser society they choose. When talking to the charity representatives, the most important information regards the exact usage of your car, if it will be sold, fixed up, offered to the less fortunate people and so on. Besides
Charitable donations and car evaluations
Another important thing before donating your car is evaluating it in a correct way. There are various guides on the market that offer elaborate instructions, in order to establish the valid value of your car, depending on its general condition, accessories, age and mileage. After making sure that you selected the correct charitable organization and the optimum evaluation, you should be aware of the fact that you are required to complete and attach an IRS form to your tax return, in case you are claiming a car donation that values 500 $ or above. Donating a used car to charity is a great solution if you are planning to purchase a new car or if you are simply willing to contribute to a charitable activity. Knowing and following some steps before the actual car donation avoids further worries, as it makes the process a safe and fulfilling one.
Are there any hidden facts about used car donation that I should be aware of?
First of all, not every used car donation programs are functioning legally. Before you make your used car donation, you should check with the IRS if the charity is a non-profit organization listed under paragraph 501 (c) (3) in the IRS Publication 78.
Secondly, check out if the used car donation program is run in-house by the charity itself or by a third party. If a third party is operating the used car donation program, you should ask what percent of the profit made by selling the donated cars actually goes to the charity. Often, third-party operated used car donation programs produce small amounts of money for the charity. Smaller charities do not afford the costs of transportation and storage for the donated cars, not to mention the costs involved in charity auctions. This is the main reason why charities accept to have their used car donation programs run buy third-party brokers.
If you would like to help people who are less fortunate than you and you don’t know which are the possibilities to do so, or if you intend to buy a new can and don’t know yet what to do with your old one, then car donation might be the perfect solution.
Article Body:
You can donate your car to a wide range of charity organizations, but picking the most representative ones requires getting some previous information. So before actually donating your car, make sure you get some relevant info about the charity organization, its purposes, projects and usage of your car. You might find out that there are various organizations that have different goals and you will probably find, among them, a great cause and possibility to donate your car to something meaningful. Even more, make sure that your car is going to go to an eligible organization that is serious in its acts and has valid previous work. In order to be sure, speaking directly with the charity agents is the safest way to go. In fact, the IRS requests that the donors are aware of the type of the fundraiser society they choose. When talking to the charity representatives, the most important information regards the exact usage of your car, if it will be sold, fixed up, offered to the less fortunate people and so on. Besides
Charitable donations and car evaluations
Another important thing before donating your car is evaluating it in a correct way. There are various guides on the market that offer elaborate instructions, in order to establish the valid value of your car, depending on its general condition, accessories, age and mileage. After making sure that you selected the correct charitable organization and the optimum evaluation, you should be aware of the fact that you are required to complete and attach an IRS form to your tax return, in case you are claiming a car donation that values 500 $ or above. Donating a used car to charity is a great solution if you are planning to purchase a new car or if you are simply willing to contribute to a charitable activity. Knowing and following some steps before the actual car donation avoids further worries, as it makes the process a safe and fulfilling one.
Are there any hidden facts about used car donation that I should be aware of?
First of all, not every used car donation programs are functioning legally. Before you make your used car donation, you should check with the IRS if the charity is a non-profit organization listed under paragraph 501 (c) (3) in the IRS Publication 78.
Secondly, check out if the used car donation program is run in-house by the charity itself or by a third party. If a third party is operating the used car donation program, you should ask what percent of the profit made by selling the donated cars actually goes to the charity. Often, third-party operated used car donation programs produce small amounts of money for the charity. Smaller charities do not afford the costs of transportation and storage for the donated cars, not to mention the costs involved in charity auctions. This is the main reason why charities accept to have their used car donation programs run buy third-party brokers.
No comments:
Post a Comment