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Many people do not realize that charity car donation is an option they have when they want to get rid of an old car. You will be able to use your donation as a tax write off as long as you get a receipt confirming you have indeed given to charity car donation. There are many organizations that will be happy to take your car off of your hands.

Recently there have been changes in the law that limit the amount the car can be declared in value to what it actually sells for. Years back a person could donate an old clunker and a charity could place almost any value that they wanted on it, with little to no cause of suspicion. This, of course, made every donor very satisfied customers. Today, however, if you donate a car that might have a Blue Book value of $1500 this is not necessarily the amount you can write on your income taxes. If the charity decides to take an offer on the car for $1000 then that is the amount you'd need to write on your taxes.

The first question is where to donate my car? You can carry out the donation of car through online web portals that offer you the services. Be careful to choose the right vendor.

Ask for and keep receipts pertaining to the make a wish foundation st louis jobs. These will come in handy not only when you file but if you get audited. The IRS sees car donations as a red flag, unfortunately and they may want proof that the vehicle was actually donated.

make a wish You can claim tax deductions only on the price amount the charity has resold it for, if it the donated car has a market value of over $500. If wheels for wishes of the car is $500 or lower, your claim for tax deduction should be based on the general condition of the car, the amount of mileage it has done and a reasonable market price that it could fetch. Check out the pricing guide for used cars and you can get a fair idea.

It is a good idea to donate my car to a charitable organization. By doing this, you get a chance to reach out to the needs of those not as fortunate as you are and avail of tax benefit with such a donation.

Date joined: 2021-12-03
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