Car Donation and Tax Deduction

If you are planning to donate your vehicle to your selected charity consider these facts before you donate your vehicle.

These facts help you to get a hassle free transaction with a greater benefit to your selected charitable organization. Many people wonder what to do with their vehicle which is there unused from a couple of months. This is a very common condition when you suddenly buy a new vehicle and don't require the old one or the one which you are presently driving needs replacement.

In such case donating the vehicle for the work of charity makes out to be the best thing you could do with your old vehicle. Donating your vehicle to the charity helps the charity do many important works for our community, the needy and the disabled.

Fact#1
Donating a vehicle is indeed a great value you add to your vehicle and get the satisfaction of helping the society. It is a way of showing you care and giving something back to the society.

Fact#2
Vehicle donation can be done to any non profit charity across the United States and the vehicles to be donated can include cars, trucks, SUV's, RV's, trailers, boats, motorcycle, Vans etc.

Fact#3
For a greater benefit of the charity you have selected to donate your vehicle to, ensure that your vehicle is in running condition which will fetch more value to your vehicle.

Fact#4
Most of the charities accept both running and non running vehicles but for the later one the potential value is first estimated. Give clear information to the organization about the make and condition of your vehicle.

Fact#5
Your vehicle received by the charity as a part of donation is sold in an auction where the highest bidder gets the vehicle and the charity the money which it can use for a noble cause.

Fact#6
You are entitled to get some tax benefits by donating your vehicle. Generally, the amount you may deduct for a vehicle contribution depends upon what the charity does with the vehicle. Charities typically sell donated vehicles. If the vehicle is sold by the charitable organization, the deduction claimed by the donor usually may not exceed the gross proceeds from the sale.

For more information on tax benefits on vehicle donations see Publication 526, Charitable Contributions, Publication 561,Determining the Value of Donated Property, and Publication 4303, A Donor's Guide to Car Donations, available on IRS.gov

The Vehicle Donation Program helps support the services the charities provide in communities across America.

Your vehicle donation not only helps you but it helps the needy to a great deal. And every time you remember that you have donated a vehicle for a noble cause you will have the satisfaction of contributing something to the community.

Author Resource:- Give a true gift this year with a vehicle donation to your favorite charity. Learn the facts, find a charity and find out about tax deductions from vehicle-donation.us.