Donating your car has become the cool way of getting rid of your car fast and supporting the local community. It also is a shortcut to selling your car. If you are considering to donate your car, you may be asking how you donate your car?
Things You Will NeedYou will need a car, truck, van, minivan, trailer, RV, bus or motorcycle. You will need information about your vehicle such as the year and mileage. You also will need to know the blue book value of your car. Your vehicle does not have to run to be accepted. Usually car donation centers offer free towing services.
How to Donate Your CarFind a trustworthy charity that accepts car donations. Here are some things to watch while doing your research:1. Verify that the charity is a registered nonprofit 501-C3 organization . That means that the charity is approved by the IRS to receive tax deductible donations. If they are not a 501-C3 charity, your donation may go right into their pockets. 2. Make sure that the non-profit charity has free towing services.
How to Donate a CarFigure out the fair market value of your car. The IRS discloses that the donor is responsible for determining the fair market value of your vehicle.
1. Go to the website for Kelley's Blue Book to determine the value of your car.
2. Always make a lower estimate for the value of your car because the IRS will never use the highest amount. Car accessories, mileage and condition will also affect the value of your car. The total amount of your tax deduction that your will receive is based on the final sales price of your vehicle.