Here Is How You Can Donate Your Car To Charity
Charity and donations are extremely important for a society to keep the capital flowing within all classes and groups. Most of the time, people donate in the form of cash or a cheque but donations and charity are not limited to the money you can spare. In fact, anything that you give away that can be helpful to someone else is considered charity. Think of it like this: you are a teacher and you spare a few hours every weekend to teach deserving students. In this case, you are donating your precious timeand similarly, if you’ve got an extra car lying around that no one uses, you can simply donate it. You won’t only feel good about it but can potentially get a tax deduction as well! If that sounds like something you are interested in then keep on reading because this article will give all the details about where, what, and how to donate.
Many charities will welcome your donation with open arms and will have proper mechanisms through which you can simply donate without going through a tiring procedure. However, if you want to donate your car and get a tax deduction, you’ll have to follow IRS rules. So, when you’re ready to donate, you’ll have to make sure that you have all the documents and homework done to avoid losing your car to a sketchy organization that doesn’t even qualify for a tax deduction.
1. Read Up On The Organization
Most of the organizations that accept charities can get tax-deductible donations only if they have 501(c)(3) status with the IRS. Therefore, you have to make sure that the organization that you are donating to should be IRS-approved. But, how do you know that? A simple way to find out whether the organization has the 501(c)(3) status is to search the name of the company through the IRS Tax Exempt Organization Search Tool. Or, a simpler method is to call 877-829-5500 and confirm.
2. Make Sure It’s Trusted
Every organization that is considered to be credible is transparent about what, how, and where its resources are being used. Any discrepancy in that regard can easily hurt the organization’s reputation. So, if you find an organization that’s not open about its resource mobilization, you need to be wary. The best way to find a good organization is through Charity Watch, which evaluates charities based on efficiency, transparency, and governance.
3. Find The Proper Documentation
When it comes to your donations, you need to make sure that you have the correct documents at hand. The documents and the write-off amount are needed for the value of the vehicle and what the organization will do with your donation. The charity can either use the car for their operations or they can sell and use the profits from the call towards its cause.
With these simple tips, you can not only get rid of a car taking up unnecessary space in your garage but can also help someone in difficult times.
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