If you have a used car that may be difficult to sell, or you don't really have the time to sell it, maybe donating used cars to charity is something worth considering. Pretty much every vehicle has some value, whether it be for resale, auction, parts or scrap metal. Of course, this varies by the overall condition that your car is in.
Generally, to sell a used car, buyers look at the overall appearance of your car and the basic mechanical shape. Those two factors will really affect the price that you could sell your car for. When donating used cars to charity, fair market value is used to determine the amount of money that you could get for a tax deduction. The fair market value could be a starting point to sell your car, but if the buyer doesn't like the color, or the stereo doesn't work, or other minor problems, they still might offer less money because it is not exactly what they wanted.
When donating used cars to charity, fair market value is used and those other factors make no difference. In fact, most charities will even accept cars that may not run or run very well, because they still have a value to the charity. Instead of paying someone to take away an old car, find a qualified non profit that assists people or animals and see if they could accept your vehicle for donation.
Lastly, the idea of donating used cars to charity for a tax deduction is a very good one, but remember that you can donate trucks, boats, RV's, ATV's snowmobiles and even farm equipment. Not only will you get a tax break, but you will also get that great feeling that you helped out people or animals in your community in need!
Generally, to sell a used car, buyers look at the overall appearance of your car and the basic mechanical shape. Those two factors will really affect the price that you could sell your car for. When donating used cars to charity, fair market value is used to determine the amount of money that you could get for a tax deduction. The fair market value could be a starting point to sell your car, but if the buyer doesn't like the color, or the stereo doesn't work, or other minor problems, they still might offer less money because it is not exactly what they wanted.
When donating used cars to charity, fair market value is used and those other factors make no difference. In fact, most charities will even accept cars that may not run or run very well, because they still have a value to the charity. Instead of paying someone to take away an old car, find a qualified non profit that assists people or animals and see if they could accept your vehicle for donation.
Lastly, the idea of donating used cars to charity for a tax deduction is a very good one, but remember that you can donate trucks, boats, RV's, ATV's snowmobiles and even farm equipment. Not only will you get a tax break, but you will also get that great feeling that you helped out people or animals in your community in need!
"you may verify an organization's tax-exempt status and eligibility to receive tax-deductible charitable contributions by asking to see an organization's IRS letter recognizing it as tax-exempt. You may also confirm an organization's status by calling the IRS..............."
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