Are you tired of using your old car but can’t seem to
find the time to replace it? We all know that buying a new car
doesn’t take a lot of time but it is getting rid of the old car that
does. If you opt to sell your old car, this would mean taking time off
from work to refurbish your car, advertise, entertain possible buyers and do
the necessary paperwork. Fortunately, you can avoid all these with
charitable car donations.
Through charitable car
donations, you are guaranteed a fast and convenient way to dispose your
old car. Charitable car donations are executed by simply transferring or
donating your car to a car donations services who act as intermediaries for
charitable institutions who are involved in specific or varied causes. The
causes that these institutions may support are: helping disabled people,
homeless individuals, cancer patients, or battered individuals. So,
charitable car donations not only provide you with a fast and convenient option
of getting rid of an old car but a way of helping the needy as well.
Moreover, the federal government rewards you for your charitable car
donations with tax deductions. According to the federal tax
legislation governing car donations, the gross sales amount or the fair market
value is an allowable deduction to tax payable.
If you want to get rid of your old car through charitable car donations but
don’t know how, here are the steps that you should take.
1. Prepare the car’s title. Car donations services only
accept cars with titles. So when you decide to donate your old car to
charitable car donations, make sure you have your car’s title on hand.
2. Search for a
reputable car donations services. The whole
process of donating your car is convenient and fast, and so is looking for a
car donations services. You can do this at the comfort of your own home
by surfing online. However, do not just choose the first car donations
services that you come across. Always look for a 501(c) (3) charity
organization classification. This is to ensure that the legal personality
of the car donations services. If you still doubt the car donations
service’s 501(c) (3) classification claim, you may also verify with the IRS Tax
Exempt and Government Entities Department.
3. Call the toll-free number and fill out the application form.
Online car donations services have toll-free numbers that you can call.
Some information, such as the paperwork and car pick-up process, may not be
available on the website and you may want to verify this. Aside from the
phone call, car donations services may require you to fill-out an application
form. This will not be a hassle for you since this application form is
available online and submitting entails clicking the submit button.
4. Wait for the car pick-up. The car donations services
lives up to their convenience and speedy feature with immediate car pick-ups,
which is usually within 24 to 48 hours. When your car is picked up, it is
important to ask for a document acknowledging the receipt of your car.
This document however, may not be the document required for your tax deduction.
5. Wait for your tax deduction paper requirements. To claim
your tax deductions, you will be required to submit an acknowledgment receipt
containing the details of your charitable car donations. Car donations
services prepare this paperwork but may take a maximum of 30 days. After
picking up your car, the car donations services may need time to refurbish or
fix the car.
