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The car donation idea sounds a bit strange. Why donate car that could sell? There are a few strong reasons to donate car though. It benefits the charity to which you've donated - more than it can help you - at the same time it is totally tax deductible and does not cost you a single dollar.
Yes, your donated car is totally tax deductible. The IRS offers a $500 deduction is offered by The IRS for any donated car. If the value of the car is more, this amount is more, and allows you to deduct the fair market value from your tax. Thus you are really earning out of your old car. The best part is that you don't have to go through hassles and worry of the donation process that goes into sale of a used car. Avoid classified ads and its expensive repairing. Simply donate car and retain the receipt of car donation.
If the donated car is value exceeds $500, you can request charity to sell it. After sale of the car, just donate the amount you earned out of sale. In case, the car is to be used by charity, the fair market value of the car can be deducted as estimated valuing service or by Blue Book. Moreover, if the donated car value exceeds $5000, you may have to obtain a legal appraisal from an expert mentioning the car value.
Donate Car for Kids
Children are tomorrow's hope. Changing a kid's life for the better can be a noble deed. You can donate car for kids to a charity. Their car donations program will lift your car from anywhere in U.S. You can get a tax deduction benefit and. Thus the charity earns an income source to support a needy child with a brighter tomorrow.
Cars for Kids programs accept both usable and not-usable cars. Some of these sold again, some are partly sold, and all fetches profits which are used to pay for education, guidance, summer programs, food, and clothing for children up to eighteen years.
