- Find a charity that accepts cars without charging a large removal fee. Make sure the organization is a registered 501(c)(3) charity or qualified religious organization that can lawfully accept your donation and from which you can lawfully claim a deduction.
- Step 2Determine the fair market value of your car. According to the IRS, you are responsible for determining this; use the Kelley Blue Book or IRS Publications 526 ("Charitable Deductions") and 561 ("Determining the Value of Donated Property"). If it's worth $5,000 or more, have the car appraised by a certified professional.
- Step 3Get a tax receipt with the charity's name and federal tax ID number, donor's name, date of donation, as well as the year, make and model of the donated car.
- Step 4Notify the DMV and your insurance company that you no longer own or insure the vehicle. Follow state regulations on what to do with the title and plates. Keep your receipt and completed IRS Form 8283 for tax time.
donate car charity donate car charity donate car charity donate car charity donate car charity donate car charity donate car charity donate car charity donate car charity donate car charity donate car charity donate car charity
advertise
Monday, June 28, 2010
Instructions
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment