Car Donation - Vital Facts Worth Considering Before You Donate Your CarBy Ima Johnson
Who Is Donating Used Cars and Why?
Anybody who has a used old car in his or her parking lot can donate such car to charity. The incidence of risking your privacy in trying to sell your very old car is completely eliminated through donate a car because you are going to get some monetary value through tax deduction and the receiving charitable organization comes to your doorstep to tow this gift from you. Apart from cars, you can also donate your old trucks, vans, boat, even airplanes and mobile homes. These are gladly accepted by the charity organizations that take these car donations and convert them to cash through auction sales.
Are You Going To Be Involved In Actual Car Sale?
The Answer is absolute no. All you will do is get the appropriate IRS form filled and have a written handover note signed by the recipient charity firm. Doing this will help you to pursue your tax deduction claims from the Internal Revenue Service. You do not need to even know where the car you donate will be sold. The charity organization you donated your car to will give you details of the sale within a period of 30 days so that you will file the necessary tax deduction rights you are entitled to.
Types of Car Donation Programs
It is important to note that these days, there are several firms that are saddled with the issue of receiving and auctioning donation a car for various charitable organizations for a fee. The charity firms need to sign up with these car donation programs who handle all the issue relating to any car that donor wants to give them.
The slight disadvantage in this kind of car donation program is that the firm or middleman who handles the car donation process for the charity organization will definitely take some percentage from the proceeds of the car auction as their service fees. This can be avoided by asking the recipient charity firm if they can directly take your donate car or asking what percentage will accrue to them after the middle men must have deducted their service fees.
On the contrary, the entire issue of having some 'middlemen' in car donation process is eliminated by some well established charitable organizations who have their own personnel in charge of car donation and their car lots where they auction the cars that were donated to them. This is the most preferable option for many car donors because they feel that it's a humanitarian gesture that will help support hundreds and thousands of people in need.
But you need to be very careful of the charitable firm you can donating your car to. You should also make sure that whichever charitable firm that receives your car gift, gives you enough documented prove to ascertain your gift was well received and save you any of incidence that may require car owner's attention.
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