Sunday, October 21, 2012

3 Tips how to donate your car (additional)

1. Ask them how is your car-donation will be handled. You'll want to know that the vehicle will be picked up and transported by properly licensed and insured towing companies, that mean it will have to pay someone to pick up your car for you. To help the charity maximize the benefit of your donation, drop the car or boat off yourself.

2. Get a receipt. Your estimate of the donation’s value probably won’t cut 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. The IRS is going to want to see evidence of how much the charity got for it. (Most charities that accept these donations turn around and sell them for cash.) You will need to get a receipt from the charity revealing exactly how much money it made.

3. Make sure your money for a good deed. Ask where and how the money will be spent. This question should be easily answered. You should search for agency or the charity that makes the best use of the funds from your auto donation. Beware of charity car donation programs that promise to send proceeds to any organization without having a direct relationship. All charities aren’t created equal, and all car donation programs aren’t run with the same attention to donor wishes.

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