How To Donate Your Junk Car And Get A Tax Deduction
The first thing you must know in order to get a tax deduction for your junk car is that you will have to find a vehicle donation program. There are many of them out there and some of them make it easier for you to get a tax deduction than others. So how do you know which program will make it quick, easy and is the right choice for you and your car?
The first option takes some time, but is more personally rewarding than some other car donation areas. This method is where you personally pick your favorite charity, whether it is a local or national charity, it doesn’t matter. Just pick up your phone and give them a call. When you call them you will want to ask them about donations to their charity program and the benefits that you, as the donator, can get from taxes and how it works. You will probably want to take a picture of your car before you drop it off to them for your records.
Once you arrive at your favorite charity make sure that you follow their guidelines in order to qualify for the tax deduction. Next, you will always want to ask for a receipt. That is your proof that you actually donated your car to a charity. Then double check the paperwork that they gave you and make sure that they have their tax id number on the paperwork and the amount that they value the car at on paper.
If you opt to go the quickest and easiest way, then you will probably lose out on the tax deductions that you can get for your car when you donate it to a legitimate charity instead. So make sure you weigh your options ahead of time. Your two main options are a tax deduction from your car donation versus only getting maybe $200.00 cash for your car, through the “we buy your car, no matter what it looks like” ads.
The quickest way for you to donate your car to charity and get a proper tax deduction is to contact The Make A Wish Program. This charity program is amazing and allows the children who have a terminal disease to have one of their wishes come true before they pass away. There are two methods as to how you can give your car to their vehicle donation program. The first way is to go to their website and fill out a very short form and make sure you leave the box checked to have your 100% tax deductible receipt mailed to your address.
The second way is to call them at 1-877-431-9474 and the process is still quick and easy for you to donate your car to their worthy cause. You can get up to the fair market value of your car even if the car sells for less than $500.00. If your car is sold for more you can claim the exact amount that it was sold for and the receipt that they mail to you will provide you with that information.
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