The first step in donating a car is be the owner. And the second step, the recipient must accept the donation.
The charity benefits when receiving a car donation to transport goods or people. However, in some cases the vehicles are sold by the charity itself or by a third party to raise funds for the charity.
Attention: Can be limited tax deductions for donors to donate car to price at which the charity sold the car.
Then, before you donate a car to charity:
- To make a donation you must have the full capacity to act .
- Make sure that the charity admits the car donation directly to him , without the mediation of third parties. (This will depend on the value of the car )
3 Confirm that the charity is legal to receive deductible contributions tax.
- Make sure that you will receive the written confirmation of car donated to charity.
- Make a documented record of the value of the donated car and keep it .
- The charity may give the donor a certificate stating how it will use the donated car.
- Shooting the car donated and save receipts.
- Is the donor of the car, and not the institution of charity that is responsible to enhance the car and who will assume the penalties, if IRS find any irregularity.
- With the purpose of receiving the tax deduction maximum on the donation of the car, and to receive the full value of the car that favors with philanthropic, give to a charity that will use the car in his work or for a person in need. Otherwise, your tax deduction will be based on the fair market value, but will be restricted to the sum of money that the charity receives with the sale of your donated vehicle.
- According to a survey conducted by Wise Giving Alliance, donors expect that most of the money that a charity receives from the sale of donated car go to the work of charity.