Fast and practical How to Donate Your Car to Charity - News-Credit-Mortgage-Coin

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Monday, August 27, 2018

Fast and practical How to Donate Your Car to Charity


Fast and practical How to Donate Your Car to Charity




Step 1: Research Facilities
Research institutions that accept car donations. Make sure you're doing footwork to find a reputable charity. You can do a lot of this research online. A good way to find out about the charity is the Better Business Bureau. Especially in big cities like New York, New York and Los Angeles, California there are several possibilities.

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If you are looking for a place to donate your car, avoid using intermediaries that can retain up to 90 percent of the donation value.

Step 2: Check the tax status
Make sure that the charity you select is recognized as eligible by the IRS so you can receive a tax deduction. Look for publication 78 on the IRS website. You can also call the IRS Tax Exemption / Government Entities Customer Service telephone number.

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Deliver your car to the charity if you can - saving money and time.

Step 3: Determine the value
Determine the value of your car. Use a used car buying guide and follow their step-by-step guide to adjusting the value based on mileage and other conditional factors. The IRS has Publication 526, "Charitable Deductions" and Publication 561, "Determining the value of donated property," which helps to assess reasonable value.

Step 4: Keep good records
Keep good records of your donation. If your car is worth US $ 500 or more, complete IRS Form 8283 and attach it to your tax return. Keep all your receipts and other information organized and easily accessible.

Step 5: Pay attention
Pay attention to all details of this transaction. Your donation is not only a great help for someone who needs them, but also a tax deduction. It often pays to help.

Did you know already?
In 1960, the Bureau of Transportation Statistics calculated that there were more than 74 million registered vehicles on the road. These include cars, motorcycles, trucks and buses. In 2007, the figure was more than a quarter of a billion.

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