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.

Whenever a customer decides to buy a new car, a question arises in his mind about what to do with the present car. The customer can donate, sell it privately, or trade in the car at dealership. Trading in the pre-owned car at dealerships presents an effective solution as the customer will pay less amount for the new car and get other benefits like reduced sales tax. Trading in a pre-owned car at the General Motors (GM) dealerships means better trade in price for pre-owned cars, convenience, and peace of mind for the customers.
Better Trade in Price
A good trade in price is a matter of concern for customers opting for pre-owned car trade in. GM dealers offer a good trade in price after evaluation of the used car on various parameters like year of manufacturing, paint, make and model of car, condition, mileage etc. Dealers efficiently utilize these factors in determining the trade in price for the customer’s car. Many times customers calculate the trade in value through various online resources or blue book which gives higher estimated values. However, the trade in prices offered by dealers is according to black book that is based on current pricing trends going on for used vehicles in auction sales. The dealers offer proper trade in price as they have knowledge and years of experience in selling the particular make and model of car. The GM dealers follow a clear process of valuation during trade in process to give customers a better price.
Convenient and Easy
Trading a car in at GM dealers is a convenient, easy and hassle free way than selling pre-owned car privately. The dealers can help avoid the time, efforts, expenses, and inconvenience that is experienced while selling the car privately. The customers need not have to face long term negotiations for long periods with potential buyers. Going for a trade in at GM dealership ensures that customers receive good trade in prices, quality services, better deals etc. Once the offer is accepted by customer, the transfer of ownership occurs and the customer can drive home in a new car.
Easy To Trade in Financed Vehicles
The owner of financed vehicles who still have pending loans or owe money can enter into trade in with dealership. Once such trade in is approved after proper inspection of used car and quality check processes, the GM dealer will contact the bank, financial institution, or lender and pay off the remaining dues. Trading in financed vehicles is beneficial to those who like to buy new vehicles at regular intervals. Selling or transferring a financed vehicle is not allowed by bank until the loan is paid off. Thus, trading in financed vehicles is beneficial as it will help clear earlier loan as well as purchase a new car.
No Worry after Trade In
Once the vehicle is traded in at the GM dealership, the customer need not have to worry about mechanical or engine problems that may arise in future. As in case of used cars sold to private persons, the buyer may demand expenses from seller for any problems that is noticed after selling the car. Once the vehicle is traded in, the GM dealership accepts the responsibility for efficient running and trustworthiness of the pre-owned cars. The customer will not be contacted to pay for repairs in future date.
Trading in the present car is beneficial when the customer is looking for purchasing a new car or another used car. Another benefit of trading in is deduction in sales tax. The customer needs to pay sales tax only on the difference amount between trade in price and purchase price of new car.

Taking Some Car Donation Deductions Can Actually Increase Your Tax Liability Due to Special Situations

Not all car donation deductions are created equal – there are even cases where donating an auto in good faith can actually increase your tax liability under certain circumstances. Like anything else involving the IRS, the burden of proof is upon you, so the more information and documentation you have to back up your car donation deduction, the better.
Thankfully, just as rules have tightened up for donors, the onus of documenting the ultimate use or destination of a donated car rests with the charity receiving your car donation. Deductions are now tied to the ultimate use of the vehicle. So, if the charity you choose or, the third-party (often for-profit organization) that acts as an intermediary between yourself and said charity, sells your car at a loss, you’d have a hard time claiming fair market value for such a donation. The charity is required to give you a receipt stating the use of the vehicle within 30 days of donation, whether it’s actually met its final fate yet or not. If it is used and later sold, you’ll receive a new receipt outlining this use, too.
On the other hand, if the charity you choose has a mission that includes using the donated vehicle to further their mission or they sell it at a loss to a needy family, you may still claim the “fair market value.” This may, however, get your return some unwanted attention that you may not welcome for other reasons. If this doesn’t sound like a good idea to you, it may be wise to consider something other than car donation for deduction purposes.
Indeed, it pays to be careful of who is receiving your donated auto. This is especially true in the case of car donations and deductions taken from charities that are not recognized as non-profit organizations by the IRS. This is easily checked, and doing so can save you a great deal of heartache later. Charities are required to provide you with information regarding their non-profit status with the IRS and tax ID numbers you can check yourself with the IRS website.
Perhaps the most common happenstance where it doesn’t pay to donate a car is when the rest of your allowable deductions for a given year, when added to the car donation deduction, add up to less than the standard deduction allowed you. Of course, this differs depending upon how you file.
For instance, if you file as a head of household you’ll have to come up with nearly $2,500 more than if you’d filed as single or married filing separately to reach that standard deduction amount. This can be difficult for those who are simply working for a living as opposed to those who are self-employed.
It is also useful to note that the higher your tax bracket, the less a deduction will actually take off your total tax burden. This is because deductions are taken from your net income, not the total tax as many suppose. As such, legitimate car donation deductions are typically worth about a third after figuring out taxes, less if you’re in a higher tax bracket.
That said, in the case of a high value car donation, deductions can make the difference between paying in a higher or lower tax bracket. This can have important implications on your total tax burden that far outstrip the actual value of the car donation. Deductions may, on the other hand, have little or no effect on your final income bracket.
It’s always best to check and see how close you are to the edge of a more favorable income bracket near the end of a given year. Since you’re allowed to make donations up until the 31st of December, as long as you get a certificate of receipt, it doesn’t even matter if the car is hauled away until the next year, as long as you have a piece of paper stating that the initial transaction occurred before the 31st.
However, the regulations that govern how car donation deductions can be valued have seriously impacted the once booming market of car donation. Deductions have fallen sharply as well, and it is estimated that the IRS is now saving more than half a billion dollars per year in reclaimed revenues. Aren’t you glad you could help? You should be if your car donation deduction is actually a liability under the new rules.

Luxury Living In Condos You Can Afford

Located close to Miami, the suburb of Aventura is growing quickly, and it is becoming a popular place with those interested in buying homes in the Sunshine State. The area offers great shopping, entertainment venues, galleries, marinas, the ocean, and a close proximity to one of the greatest and most exciting cities in the world. These are some of the main reasons that more and more people are choosing to search for Aventura condos for sale when they are considering moving to Florida.

Interested buyers will find many developments springing up in the area, as well as many people who are considering selling their condos. It is luxury living at its finest, but that does not mean that the properties in the area are necessarily out of your price range. While it is true that some of the condos can sell for several million dollars, you will also be able to find units that are much cheaper, only a few hundred thousand dollars – even less in some cases. This means that you will be able to afford luxury living at livable prices when you buy Aventura condos for sale!

The area is perfect for people in many situations. Those who are single, families, and retirees will all find aspects of the town to love. The schools are great, the community is safe and friendly, and nightlife abounds in the town and in Miami. Everything that you could want out of a new home will be right at your doorstep, including near perfect weather throughout the year.

It is a buyer’s market right now, with more and more people selling their condos. If you have always wanted to live in the warm and inviting climate of Florida, now might just be the best time to start looking at properties. Plenty of Aventura condos for sale are available, and you can find them at great prices.

Make sure that you find a realtor who is familiar with the area, and who will be able to show units in your price range. If you do not currently live close enough to drive to the area, set up a vacation and take a flight so that you will be able to see the units in person and so that you can experience all that the community has to offer. You are sure to find something that appeals to you.