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Benefits of donating a car to charity |
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An aging, unused car that is sitting on your property is
nothing but a dead investment. Donating a car to charity would be the best
option in this case, as it benefits the donor as well as the charitable
organization. You may choose a charitable organization of international repute
or go for a local non-profit organization. No matter which charity you opt for,
the benefits of car donation would remain the same.
Car donation eliminates the need of spending money on advertising your car, or
paying fees to middlemen or negotiating with potential buyers. Not to mention
that selling a car especially an old, unused car on your own can be very time
consuming. If the car is not in driving condition, then you may have to bear
additional towing charges if you decide to send it to a used car dealer.
Thankfully, you can escape this painful ordeal by donating a car to charity. The
charitable organization will take away your car even if it is not in running
condition as long as it can be towed. Once the basic formality of filling out
the form is completed, the charity will send someone to pick up the vehicle and
take it to the auction hall or a junkyard.
Donating a car to charity is a very noble gesture, as the money that the
organization gets from the sale of the car is used for a worthy cause. Besides,
car donation also brings along deductions on your tax returns. As such, you can
deduct the value of the car donation when filing your returns. If the resale
price of your car exceeds $500, you will be given a 1098B tax form within thirty
days of the sale of the vehicle. However if the resale price is less than $500,
IRS will permit you to deduct the fair market value of your car from the taxes.
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