Have you ever considered donating your car to charity?
Did you even know that was possible?
Let's take a look how.
First, you will need to find a charity that accepts
donated cars. There are actually plenty of them. You will want to specifically
look for one that will use your money wisely. Many charities keep over half of
the money from your donation for themselves. Many of these are the more
reputable agencies. Check out your favorite agencies and find out how they handle
donations. You might be surprised to learn that you can, in fact, donate a car
with them.
When charities donate, there isn't a required amount they
must donate, according to IRS standards. It is strictly between the charity and
the handler. To find out the exact amount the charity gives, give them a call
before you give. Recently, states have actually begun investigating many
charities and how much money they may be keeping for themselves.
You will want to look for an organization that is a 501
(c) (3). These are ones such as Disabled American Veterans. Religious
organizations count as well, and aren't exclusively considered a 501 (c) (3).
For a full list, check out the IRS's page on exempt organizations or give them
a call.
If your charity doesn't accept donations, keep looking
for more. The goal is to find one that donates in the region you want and also
aims to do what you are doing: giving to others.
When you donate, drive the car to the charity itself.
While many worthy charities may off to pick the car up or handle the towing
fees, this is yet another cost they will have to take from the overall
donation.
If need be, someone can follow to the location and when
you finished, drive you back. This might save some money and ensure that your
charity won't be taking more money from the donation.
When you do sign your car over, be sure that the charity
re-titles the automobile. If anything happens before or after the new person
gets it, you will have to pay it. This includes parking fees and other fees you
might not know about it. If the charity isn't willing to, pick another. When
somebody gets a hold of your new car, and they don't feel like registering it,
you can be in for a world of trouble.
Keep thorough records of your car donation. This might come
in handy later when you need it, and also takes a part in your taxes. You can
claim fair market value on your car to reduce your income taxes. When it comes
to donating, keep in mind that the amount you can claim on you taxes can exceed
50 percent of gross income.
Now that you have a little more insight, be sure to make
great decisions with donating your car and best of luck!
Related Article : Car Donation Guide, How to get donated car
Related Article : Car Donation Guide, How to get donated car