Charity Car Donation Tax
Deduction - Watch Out! Know This Before You Donate Your Car
to Charity!
Charity Car Donation Tax
Deduction - Watch Out! Know This Before You Donate Your Car
to Charity!
In the past few years many charities have
found they can raise money through car donation programs and
provide you with a car donation tax
deduction.
These programs can be a goldmine and the charity can make
a lot of money for its charitable
activities.
They stand to
make a lot more money if they do all the management themselves.
However they must manage it correctly.
Many charities prefer to hire companies
that specialize in handling car
donations.
They charge
fairly high fees however.
In some cases the charity may only earn 60 cents on the
dollar or less, for example.
Most people have no idea that the charity
actually ends up with a lot less money than they
think.
The donor may never find out exactly what this figure
is.
If you're thinking about donating a car,
truck, RV, boat, or any other vehicle to get a good tax
deduction, you'll want to check the charity out thoroughly
first.
Call them up and ask if they handle their own program or
if it's farmed out to one of the many charitable car donation
programs.
You may have a specific charity in
mind.
This doesn't mean you shouldn't go ahead
if they don't handle it themselves but just know they won't
end up with all the money either. Many charities are not in
a position to do the management and all that's entailed in
handling the vehicles.
Don't be afraid to ask the charity a lot
of questions.
You want to be certain you know how much the charity will
receive and what they plan to use it
for.
Sometimes charities sell the vehicle and don't actually
get a lot of money for the vehicle.
Sometimes it's given to a needy person. Sometimes it's
used to transport charity goods to and from various locations.
Find this out if this is important to you.
There are many well-known charities that
are looking for charitable car donations. You want to ask
these charities these same questions also. These charities
include Target, Purple Heart, Kidney Foundation and Goodwill
Industries for example. There are many
others.
Many charities have their own used car lots and have
salesmen selling the donated vehicles.
If you donate using one of the charity car
donation programs instead of working with the charity, you
need to know they handle the donated cars, trucks and other
vehicles for several or many charities not just
one.
Make sure you proceed carefully if you
decide to donate your car or other
vehicle.
It's a good way to support a charity, or your favorite
charity if they have a program, and provide you with a great
car donation tax deduction.
Just make sure you know that the donation may not end up
bringing in the amount of money you might think, if it's
sold.
copyright©2008 Helen Hecker All rights
reserved. No permission is given to copy or reproduce this
article in any way or in any form.
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