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Labor Day is here, and one of the ways to appreciate your hard work is to gift yourself something nice. What better way to treat yourself other than indulging in some fancy cloth shopping. Agreed that you have spent most of this year in the house, but dressing well is not just about venturing out. Moreover, just like every other year, even this yea

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CHILD SPONSORSHIP PROGRAMS

It’s easy to donate a car to charity if all you want to do is get rid of it. Simply call a charity that accepts old vehicles, and it will tow your heap away.

 

 

If you want to maximize the benefits for both the charity and yourself, however, it’s more complicated. Until 2005, it was easy for taxpayers to deduct the entire “fair market value” of a donated vehicle from their taxable income, reducing the taxes they’d have to pay to the Internal Revenue Service. (The IRS defines fair market value as “the price a willing buyer would pay and a willing seller would accept for the vehicle, when neither party is compelled to buy or sell and both parties have reasonable knowledge of the relevant facts.”)

 

 

Allowing taxpayers to deduct the full fair market value for all those donated vehicles cost the IRS a lot of dollars, however, so the agency tightened the rules. Today, you can only deduct a vehicle’s fair market value under very specific conditions. We’re going to walk you through those conditions, with the usual proviso that you should discuss these issues with your tax preparer before you act. Also note that if your state or locality also levies income taxes, other rules may also apply.

 

 

Listed below are tips for donors who would like to donate a car to charity. Beware that the donor’s tax deductions for car donations may be limited to the price at which the charity sold the car.

 

 

  • To receive the maximum tax deduction on your car donation, and to receive the satisfaction that the full value of the car benefits a charitable purpose, give it to a charity that will use the vehicle in its operations or will give it to a person in need. Otherwise, your tax deduction will not be based on the fair market value, but will be limited to the amount of money the charity receives from the sale of your car. If the charity you are donating to does sell the vehicle, ask what percentage of the proceeds they receive.

 

 

 

  • Ask if the charity accepts car donations directly, without involving a third party. If possible, drive the vehicle to the charity instead of using a towing or pickup service. This will allow the charity to keep the full amount of any proceeds from selling the car.

 

 

 

  • Make sure the charity is eligible to receive tax deductible contributions. Ask for a copy for your records of the organization’s IRS letter of determination which verifies its tax exempt status.

 

 

 

  • Be sure that you get a receipt from the charity for your car donation.

 

 

 

  • Be aware that non-cash donations are one of the most
    Thank you for creating with WordPress.common triggers to an audit by the IRS, so you’ll want to document the value of the car and keep records of it.

 

 

 

  • If the car is worth more than $500, the donor must complete Section A of IRS Form 8283 and attach it to their tax return. Donors are required to file with his/her tax return a written acknowledgement from the charity. If the charity sells the car, the charity must provide the donor with a certification that the car was sold at “arms length” between unrelated parties and the sale price of the car within 30 days. In this case, the donor’s tax deductions will be limited to the total amount the charity sold the car for. If the charity does not sell the car, it must provide the donor with a receipt within 30 days of the contribution. The charity may also be required to provide certification to the donor stating how it plans to use or improve the car and stating that it promises not to sell or transfer the car. Penalties are imposed on charities that provide fraudulent acknowledgements to donors.

 

 

 

  • Take pictures of the car and save receipts for new tires or other upgrades to verify its value.

 

 

  • Remember, it is the donor, not the charity, who is obligated to value the car and who will pay the penalties if an IRS challenge finds your figure inaccurate.

 

 

Another Approach to Car “Donation”
Besides giving your car directly to a charity, there is another way your vehicle can help a charity and also maximize your tax benefits: You can sell the vehicle yourself and donate the proceeds.

 

 

“If the qualified organization is going to sell the vehicle in order to receive cash, then it would make sense for an individual to sell the vehicle to a private party to maximize the amount of cash proceeds,” Midwood says.

 

 

“Privately selling the vehicle might generate larger cash proceeds than if the organization were to sell the vehicle, she says. “The donor would then make a cash contribution to the organization.”

 

 

Selling any car can be a hassle and selling one that’s on its last legs poses challenges of its own. How you proceed depends on your goal. Are you focused on getting rid of a junker with minimum effort and you’d look at the tax deduction as a nice bonus? Then donating your car makes good sense.

 

 

If your goal is to maximize your tax deduction, carefully review the steps here and then make your decision. Whatever you decide to do, parting with your old car could help a nonprofit carry out its mission. And it also might make room in your garage for a new car.

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Results For: "child sponsorship programs"
Sponsored Links
  • 01

    Child Sponsorship Program – Get Instant Search Results Nowstar-rating

    us.when.com | Search for Child Sponsorship Program. Look Up Related Search Results & Get Answers!
    See It
  • 02

    St. Jude - Make a Donationstar-rating

    www.stjude.org | Families Never Receive a Bill for Treatment, Travel, Housing or Food
    See It