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Four Things You Need to Know when Donating your Car to Charity

By Lisa Otto Subscribe to RSS | April 23rd 2012 | Views:
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It’s deceptively simple: Donate your old car to charity, avoid the hassles involved in selling it, and, at times, get a tax deduction from it. By donating your car, you can help those in need. With this scenario, it seems that everybody wins.

However, most often that’s not the case. You’ve probably heard the old adage: The road to heaven is paved with good intentions. It can be easy for anyone to be led into the wrong direction with this meaningful act of donating cars. Therefore, before you donate one of your biggest assets, here are some tips that can help you make sure you’re taking the right steps.

• Talk directly to the charity. Many for-profit intermediary organizations will offer to help you donate your car to charity. However, they only donate 10% to 50% of your car’s value and pocket the rest. This means that the charity did not get what it could have gotten. As much as possible, avoid middlemen when you’re making a car donation.

• Know the qualifications of the charity organization. If you’re looking to have your tax deducted with your car donation, the charity needs to be a qualified 501(c)(3) organization. To be a qualified source for tax deductions, an organization needs to declare itself as non-profit. Religious organizations are examples of 501(c)(3) organizations. To confirm the qualifications of your selected charity organization, you can check the Internal Revenue Service (IRS) database or confer with your tax advisor.

• Keep a record of your car donation St Paul charities will appreciate. If your car is worth more than $500, you will need to attach IRS Form 8283 with your tax return. If it’s worth over $5,000, your tax papers must include an external appraisal. You also need to keep documentary proof that the car was donated, like a receiving copy from the charity or a document showing title change.

• Know the ideal way to deliver your car to the organization for car donation St Paul has. Some charities will pick up your vehicle from any location free of charge, while some will hire a towing company and may even require you to pay the towing fee. Perhaps you can help the charity maximize the benefits of your donation by delivering the car to the charity yourself. Remember that this may be the last time you will ever see your vehicle, so give it away with care.

Now that you know your responsibilities in donating a car, it is important to note that the charity organizations you will be donating to have their own sets of responsibilities. For more information on how to donate car St Paul charities would love, please visit irs.gov/pub/irs-pdf/p4302.pdf.

Lisa Otto - About Author:
For more details, search donate car St Paul and car donation St Paul in Google for related information.

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