subject: Car Donation – 4 Important Points You Should Take Note Of [print this page] In today's society it is almost imperative that the people have a car to get to work, school, market, doctor appointments and other places. There are few places where it is safe or not at all tenable to travel without a car. Unfortunately, some people are not in a position to provide a vehicle for a variety of reasons. There are several charities that help these people cars.
This means that there are people, cars, donate them to charities. But what is the reason behind the carDonations? For some it is the act of giving to help others. For many it is because of the tax benefit for which they can be granted. When considering donating the car, there are four things you must do:
(1) Research your love
If you opt for a deduction for your car donation to a charity you must make sure that the love of a qualified organization within the meaning of the IRS claim. Love is a qualified Section 501 (c) (3) organization. Thisinclude charitable, religious or educational institutions. The IRS's Publication 78, "Cumulative List of Organizations" that most charities will register and updated annually. Not all charities are listed, though, such as churches, temples and synagogues, but if you want the status of a charity that is not checked on the list, you can contact the IRS for information.
(2) Make sure you get a tax benefit
The only way that can qualify you for a good hoodis when you break down your deductions on Schedule A of Form 1040th There are some limitations to this type of deduction. Such a limitation is that the deduction can not exceed 50% of adjusted gross income. There are publications from the IRS that explain all the rules and restrictions that are involved in the donation of a vehicle to.
(3) understand the value of your car
You should know the fair market value of your car, because that is the maximumAmount you can claim as a deduction. Market value should not be confused with the blue book value, they may miles apart. The market value is the price that a willing buyer and a seller would be willing to pay would bear for the vehicle. That is, if no party is forced to sell or buy, and both parties know the relevant facts (condition of the car, mileage, etc).
(4) Find out what responsibility we as donors have
In most cases, all that you areIt is necessary to transfer the title and notify the State Department of motor vehicles by the updating of vehicle registration of the donor. In some states, there are other requirements, so you must check the laws of your sta
