Steps to Follow in Choosing Car Donation Services
Car owners looking forward to assist charitable organizations need to donate their vehicles. Donating your car is considered a cost effective way of giving your car to charity. People who want to donate their used vehicles should be keen in the process since the industry has many fraudsters who mascaraed as charity organizations. Many companies have registered car donation services which are full of false advertising and self-dealing. If you want to give your car to charity, you need to check if the organization you want to work with is not full of fraudsters. In this article ,we will take you through the guide to donating your car for charity.
One of the ways on which car owners can ensure that they are partnering with the right charity organizations is by researching on them. The charity needs to have a 501(c)(3) non-profit status with the IRS. In the event you choose to work with an organization that does not have a 501(c)(3) non-profit status with the IRS, it is sign that it is not a charity and our car is not tax-deductible.
Another way of giving your car to charity is by picking efficient charity organizations. When searching for charities, you will find that there are many of them. Before you can decide to partner with a charity, ensure that it is evaluated and rated by a board of charity organizations.
People who want to donate their vehicles need to itemize their properties on their returns. By doing so, you will take a tax deduction for your donation. It is worth nothing that before you can claim, you need to observe certain rules. According to the rules, taxpayers are allowed to deduct the full market value of a donated car under three main circumstances. First, the charity organization needs to use the vehicle in its operations. The other condition in which you can deduct the full market value of the car us when the charity decides to move the car to sell or use it. In the event the charity organization you are working with donates or sells it to a needy person for below market value, you can get the full market value of the car you donated. When you do not meet these conditions you will only be allowed to deduct what the charity receives from selling the car. One of the beneficiaries of car donation is Rawhide Youth Services.
Before you can donate your car, make sure that the charity is licensed. By checking the license documents of the charity, you can have the assurance that you are not dealing with a fraud organization.