Donate Your Car To Charity – And Receive Its FULL Value!
It’s that time of year again. If you haven’t started doing so yet it won’t be long before you start dragging out boxes of receipts and paperwork to begin preparing your taxes. Assuming that, like most people, your (so called) fair share this year is more than you expected and or thought fair yourself you’ll be looking for ways to reduce that debt without having to go to jail for noncompliance. Well, have you considered donating your old car to get a tax write off?
I know, I know, it’s too late to get the write off on the taxes you’ll be paying in April, but it’s never to early start for next year. Especially once you take into account that you won’t know the exact value of your donation until after the car is sold. That’s because the federal government prohibits non profit organizations from assigning values to material donations. However, your donation is valued at the full retail value of the car. So this is how it works…
- Call your charity of choice to find out the procedure in your area
- Turn over the car and wait for it to be sold
- Once your vehicle is sold, you will be notified of the sale price and all the documentation that you will need to claim the deduction on your tax return will be sent to you, including a donation receipt and the IRS Form 8283.
That’s all there is to it! So it’s not difficult, but it can take some time. You’re thinking about taxes now anyway, right, so why not keep that forward momentum by donating to your favorite charity as well?
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This can be a great way to make a difference
[...] Donate Your Car To Charity – And Receive Its FULL Value! | Morgan … [...]
Thank you so much for putting this information on your blog. It is critical that more people understand the benefits of donating there cars and other items. Thank you so much!!!
Thats a great idea, too bad I didnt get to come to this!