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Car Donation Tips
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Donate a Car
If you have a car you don’t need anymore, consider making a car donation. Car donations have several benefits:- Vehicle donation helps raise money for your favorite charity.
- A car donation is usually good for a tax write off.
- Get rid of a junker without any work.
- Look up the charity to make sure it has tax-exempt status. This is called 501(c)(3), and will allow the car to be tax deductible.
- Fill out the title transfer properly. Write your name in the “seller” box, the charity’s name in the space for “buyer” and in the “price” box, write “donation.”
- The car title must be clear (paid off) before you can donate it.
- Always get a receipt.
- Make sure you follow your state’s rules regarding notifying the DMV. For example, California, Arizona, and Washington require that you inform them.
- Take the license plates off, if your state requires this.
IRS Deductions
The IRS recently changed its rules regarding car donation. They publish a pamphlet about it, available on the IRS website.Some highlights include:
- You may only take the deduction if you itemize all your deductions.
- You can deduct the car’s value, up to $500.
- If the car will be auctioned, you may deduct the actual auction price.
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