Car Donation

Analyzing the Actual Net Benefit of an Auto Donation

Mon, 17 Nov 2008 18:26:51 -0600

When making an auto donation, whether a car, truck or RV, may not actually be in your best financial interest when straight economics are concerned. Of course, charitable giving is it's own reward for many, but if you actually consult your accountant, you may not enjoy any additional incentive in the form of tax deduction, as is typically offered for most auto donations. Especially if your auto donation is worth more than $5,000, you should consider your actual benefit to accurately judge whether it's wise to donate your vehicle. Tags: Auto Donation

Using Your Boat, RV or Auto for Tax Deduction Purposes

Mon, 17 Nov 2008 18:26:51 -0600

Much is made every April about tax deductions, despite the fact that very few people use itemized deductions to account for donations of physical goods such as clothing, furniture or autos. Tax deduction is further complicated by being discounted from your net income rather than the net tax owed. In essence, this means that an average taxpayer receives about 30% of a given donation in actual tax relief, depending upon their tax bracket. Tags: Auto Tax Deduction

How do Car Donation Centers Help Charities?

Mon, 17 Nov 2008 18:26:51 -0600

You may have heard about car donation centers and wondered if you should donate a vehicle. The short answer to this question is yes. There are plenty of benefits that come with donating your vehicle for the purposes of helping a charity. Donation centers exist to raise money for various charities both local and nationwide. Some of these centers are nonprofit organizations themselves. When you donate a vehicle you can take a sizable tax deduction, up to $500 or the exact selling price of the vehicle with documented proof if greater than $500. Tags: Car Donation Centers

Making Car Donations to High Schools

Mon, 17 Nov 2008 18:26:51 -0600

Perhaps the most personally rewarding sort of car donations involves giving your old ride to the local high school for use in their shop class. High schools are considered valid charitable organizations according to the IRS, as are colleges and adult training programs that fulfill a charitable mission. Tags: Car Donations