Finger tip points on car donation
Finger Tip Points on Car Donation
CAR DONATION: THE TERM AND MEANING
Car donation is practiced when you gift to a charity organization or such institution your automobile which may or may not be in useable condition. You must have thought of needy people at times and longed to do something for them. Unfortunately, you end up confused how to and what to donate for charity so that the less fortunate can have a better living. Now, if you come across an option wherein you are able to fulfill your wish to help the poor and also earn tax benefit, you can well think of car donation.
Here in the United States, charitable donations provide a tax benefit and it has been gaining widespread popularity. Automobile donation has taken an altogether new form and substance in the field of charity and donor benefit.
THE FIRST STEP
Donation seems to be a very easy process and it is but if you are careless or do not pay attention to simple items, terms and conditions your effort might produce poor result. So, keeping in mind a few things will help you immensely in choosing the right vehicle for charitable donation. Plus can also help you choose the right charity for your automobile donation. This means a correct and logical step to your car donation process will earn you satisfaction for helping those in need and also earn you a welcomed tax benefit. You may go for advertising your car, contact a registered and genuine charity organization which accepts automobile donation,
THE PROCESS
Most of the charity organizations run automobile donation programs for donors who posses cars and wish to donate the same. You will find that some charity organizations comprise of their own vehicle lots which in turn does the task of selling the donated vehicles. On the other hand, most of the charity organizations require their donations be processed at an auto auction. Again many auction companies directly collect donated cars and distribute the money, after retaining a percentage of car value, to the charity organization as directed by the donor.
PRE- CAR DONATION POINTS
• How will you get in touch with the charity organization for your car donation,
• The authenticity of the charity institution,
• Check whether the charity body is registered with the proper government body,
• All the terms and conditions of the charity to avoid any inconvenience in future,
• Make sure you know where and to whom the proceeds of your charity goes to,
• Classify your vehicle donation that is whether your vehicle is in working condition, not working or belong to scrap category,
• Do not forget to research the fair market value of your vehicle you plan to donate.
POST CAR DONATION POINTS
Before taking a breather be sure you tick mark the post car donation points. Like there are certain post donation necessities so that you qualify for tax benefits or reductions,
• Make sure you obtain a written certificate of your car donations sale by the charity.
• Whether your car donation value stands more or less than $500 because your tax deductions over the mentioned amount are restricted to the actual sale figure of the automobile.
• Also research on the actual amount of money going to the worthy poor people apart from expenses relating to administration, auction process, etc.
Thus, the above discussed simple points help you to go through the car donation process with ease and required caution after all it matters to both the donor and the receiver.