Tag Archives: Car Donation

Tips on Car Donation Tax Deduction Easy Guide

Nowadays, car donation tax deduction is relatively more and more popular in a number of parts of the nation. In regard of this, it has made car donations in a broad concept, from extra unused vehicles which a family doesn’t use very often to the SUVs, motorcycles and cars that are actually eligible for a donation credit in some aspects.

Except for vehicle donation in a charitable perspective, you also have the ability to set he final sale price of a car, which denotes that a possible hundreds to thousands of dollars saving can make, with one hundred percent of the prceeds from the sale being sent to the charity which you are going to support. If the final sale is just below say $500 on your car, you can still claim the Kelly Book Value for example.

IF your vehicle is donated and then is used by an org, like a senior center making use of a donated SUV, you have the right to claim the value of it.

It is also crucial that when you are going to see a car donation tax deduction which you are to pay, just pay more attention to the person or charity you are going to donate for.Sometimes, the IRS just only allow you to make car donations to the non profit orgs in order to get a credit, so make sure that you know the org is eligible.

When the car is donated, there is a need for you to get the acknowledgement of the car, motorcycle and  VIN with the declared value from the exact charity.

There is usually on thing that could make people puzzled and make some mistakes, that is when people are to make a car donation tax deduction, an incentive may be accepted when they trade in their cars. For example, a charity may provide you a gift card, and other charities may offer you a vacation in exchange for your trade and etc. This kind of incentive could be subtracted from your total deduction.

All in all, there are some details you need to pay some attention in order to get the car donation process smoothly. In this efficient way you can get the benefit from the car donations which you make and the charity can do as well, a reciprocal process.