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Car Donation
Have an old car that you don't want? It may be more beneficial for you to donate your car than try to sell it! Many charities accept car donations and allow you to perform a tax write off for the value of the vehicle.
Benefits of donating you vehicle:
- You estimate the value of your own vehicle
- Use the donation as a tax deduction
- Easily get rid of your vehicle without hassle
Donate Your Car To Charity
Many charities have been established to accept car donations that they in turn sell for you. The profits from the sell of the vehicles are used to fund their charitable goals. Many of these charities rely on auto donations for the revenue they need to perform their charity work.
Although some critics consider car donations a tax shelter, it's a widely used method that people use to get rid of old cars and benefit from the tax value write off. In the Unites States over 733,000 taxpayers were able to reduce their taxes by $654 million dollars. That's an average of almost $900 per person!
There are several gotchas to car donations that you should investigate. Make sure that when you car sells that you receive a written acknowledgement of the sale price. The charity that you donate your car to should be able to fulfill this request. If not, you might be better finding another charity. The written acknowledgement will be vital for proving your auto donation during tax filing. If the charity uses a third-party auction processor, be sure to ask the charity how much of the sale that they receive. Since you are donating to charity, be sure to choose a charitable organization that gets most of the profits.
