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Did you know that if you donate a vehicle to charity you can have a hefty tax break?
Well that not completely true, the amount you are eligible to get depends on the car value and how much the charity gets from the sale of the vehicle.
A vehicle donation can bring you between $500 and up to $5000 in tax credit, whether your car donation goes to Goodwill car donation, Salvation Army car donation, Purple Heart car donation or Make a Wish car donation the amount on your tax donation will still be the same.
Get a huge tax break when you donate your junk vehicle to a charity, you can get up to $5000 tax break
People always expect to get the maximum of $5000 when they donate a car for tax deductions, before committing to car donation tax deduction you need to know what your car is worth.
In the United States most people will sell a vehicle before donating it, and most think that because you donate the car to a junkyard, that their donation counts less, but they are wrong. Selling the car can bring you ask little as $50 plus the time for title transfer and making sure you are not liable when selling the car.
When donating a car, all you have to do is fill a simple donation form, where you state which foundation the donation is for, the salvage yard takes that information and you are done, they take the junk car, auction it, or scrap it, and the money from the sale on auction or the value on scrap metals goes to your desired non profit foundation. Within 30 days you get a receipt of the sale of your donated vehicle that you can use when filling up the IRS form when you do your taxes.
When a car donation foundation gets a vehicle, they could try to sell it in an auction, or sometimes get the vehicle repaired so that they can make some extra money selling it.
Once the vehicle sells, you can get a notification of how much money they junk car brought to them. Whatever the amount they got for the car or truck you can claim a tax deduction up to $5000.
At an auto auction the charity could get as little as $50 for the vehicle, but if you know the worth of your donation, you can claim the minimum $500 instead of the sales price of $50 the charity just got.
Most charities accept cars, trucks, boats, motorcycles and even vehicles that don’t run or can’t be repaired, they usually sell them to scrap yards that dismantle them or shred them for their metals.
There are many local community centers that will trick people to think they are charitable or nonprofit organization, but they are all in for a profit, sometimes not even doing the process required by law to change the title from you to their corporation, leaving your name on the vehicle title to be you, this is always a liability to you.
The donation process is very straight forward, You need to make sure you take your license plates and get a written acknowledgement that the vehicle has been sold to the charity and you get a bill of sale of a receipt for your donation.
Some of the best places that take car donations near me are:
- NPR CAR DONATION
- PURPLE HEART SERVICES FOUNDATION
- MAKE A WISH FOUNDATION
- THE SALVATION ARMY
- GOODWILL
- CARS FOR KIDS
- VEHICLES FOR VETERANS
If none of those exist close to you, then you can donate your car to a junkyard near you and ask them what are the best car donation charities they support, you can ask them to give the money from your vehicle donation to the charity you prefer.
Donating a car to a junkyard sometimes seems a little flaky but as long as you get a receipt for the donation and they give you a copy of the donation everything should be just fine; just make sure you donate to a reputable junkyard or salvage yard.
