Car Donation Still A Good Tax Deduction

[karenc]

The change in the tax law for car donations which went into effect on January 1st hasn’t hurt one national car donation center. “Our car donations are up about 50% over the same period last year” says Karen Campese CEO of cars4charities. “Even with the change in the tax law, our donors still say they are getting a valuable tax deduction.” “There are a couple reasons for this” according to Campese. “The law allows those people who donate older, less valuable cars to deduct up to $500. For those people who donate valuable cars, cars4charities sets a minimum selling price thereby guaranteeing the donor the best tax deduction possible.”

For more information on car donation, call cars4charities at 1-866-448-3487 or log onto their website www.cars4charities.org .

[carsforhomes]

Quick Tips for Donating a Vehicle

• Make sure the nonprofit organization is reputable by being familiar with its purpose and work in the community. Check with the local Better Business Bureau or similar organization to see if the nonprofit is in good standing. The BBB's Wise Giving Alliance Web site (http://www.give.org/reports/index.asp) also helps donors find out whether or not an entity is legitimate.

• Inquire what percent of the vehicle’s sales go directly to the nonprofit organization. Habitat for Humanity receives between 70 and 85 percent of the total donation (after towing fees, etc.) from donations made through their national program, Cars for Homes (http://www.carsforhomes.org) versus the small returns, if any, that are typical of third-party businesses or fraudulent entities claiming to be charitable organizations.

• Make sure the tower is licensed and insured and the donated vehicle will be sold through a licensed dealer.

• Sign the vehicle’s title directly to the nonprofit organization or their certified agent.

• Ask the nonprofit organization how funds from the donated vehicle will be used.

With Habitat's Cars for Homes program, donated cars, trucks, boats, motorcycles, RVs and other vehicles are sold and the funds raised help build simple, decent homes in partnership with low-income families. Donors receive an acknowledgement letter for their vehicle donation they may use for tax purposes if they itemize deductions. Vehicle, title and contact information is collected, and upon acceptance of the vehicle, arrangements are made for the vehicle, keys and title to be picked up.

Car donations help Habitat for Humanity (http://www.habitat.org/carsforhomes) build homes in partnership with families in need of decent, affordable shelter.

Donate a car, truck, boat, RV or other vehicle to Habitat's Cars for Homes (http://www.carsforhomes.org) vehicle donation program by calling 1-877-277-4344 or visiting www.carsforhomes.org

[twofatguys]

I like the vehicle tax donation idea and it's where I plan on picking up most of my inventory. The Salvation Army, Goodwill Industries, Volunteers of America, and lots of medical charities (American Heart Association, Association For The Blind, March Of Dimes, etc) take donations and then sell the vehicles at public auction. Also the local charity I plan on benefitting the most is Texas Cars For Kids, (http://texascarsforkids.org), which helps people who dropped out of high school get their diploma (instead of a GED). They have auctions every week here, and they go through dozens of cars every week, 120 or so in Dallas and 60 or so in Fort Worth.

If I come across anything I absolutely can't sell (salvaged or flooded or something) then I'll donate it to them so I can at least write it off as a donation and they can get a couple hundred or more for the school.