Should You Give Your Car Away

You can give your car to charity and deduct the gross proceeds from the sale if the proceeds are for more than $500.

If the claimed value of the donated motor vehicle, boat or plane exceeds $500 and the item is sold by the charitable organization, the taxpayer’s claimed value is limited to the gross proceeds from the sale.

The charitable organization must notify the donor within 30 days of the sale of the amount of the gross proceeds. However, if the charity adds improvements to the vehicle, the charity must notify the donor within 30 days of the contribution. If the charity betters the vehicle then the donor may deduct the vehicle’s market value.

Actually, it is much better if the Taxpayer can deduct the vehicle’s market value, because there normally is quite a gap between perceived market value and actual proceeds, and this difference can literally be thousands of dollars.

One car donation center states that it has processed over 500,000 car donations since 1992, which adds up to about 30,000 cars a year.

Did you know that you can also donate boats and RV’s?

So if aunt Dora dies, and leaves her jalopy in the driveway then maybe this is an attractive way to get rid of the car especially since it does not start anyway.

But wait! It is not that easy.

Where is the Title to the car? Not in the glove compartment? You may have a problem.

You may also have a problem if the title is joint, say Aunt Dora and Uncle Nick.

If Aunt Dora died and UncleNick is still alive there will be all kinds of problems.

How about vehicle emission controls, was the car equipped with them, were they disabled?

When you make a charity car donation:

You get free vehicle pick-up whether your car to donate is running or not. In some cases the company will actually put a new battery in the car to get it running again.

You avoid confusing Department of Motor Vehicles paperwork or Smog hassles.

How it works:

Call a reliable Vehicle Donation company.

They’ll take your information over the telephone, they’ll handle all the DMV documents, they’ll pick up your vehicle , arrange an auction sale and distribute the proceeds to the charity.

If your donated vehicle/vessel sells for under $500 the receipt you receive at the time the vehicle is picked up is all you need for filing your taxes.

The actual net proceeds of a donated car seem to range around the $400 figure

In all cases, a charity car donation is sold to the highest bidder by a well-established charity vehicle auction.

You must have a certificate of title.

Some companies will also guarantee that if your donated car gets a ticket after your donation date, they’ll take care of the ticket for you and they zealously will fight it so you don’t have to worry about it.

The reason cars are sold by public auction is that people simply will pay more at an auction for your car than they will pay at a dealer.

Also, if the car is running at the time of the auction people will pay more so it is advisable to get it to running condition when reselling it.


Copied with permission from: http://plrplr.com/24802/should-you-give-your-car-away/

Tips On Car Donations In Ny

Taking advantage of car donation services in New York is beneficial not only for the charity you choose and the beneficiaries of that charity’s support but also for you. Driving and parking a vehicle in New York is a particularly hair-raising, and expensive, endeavor. Used car donation helps relieve you of the hassle of an unwanted car in an efficient manner. You also benefit from used car donation through the tax write-off that comes when you donate to charity. Finally, car donation gives you a sense of gratification, knowing that you are helping those in your local community through your gift.

Why car donation is particularly important in New York

Charity car donation is a service which is helpful to people all over the United States, but it is particularly important in New York for a number of reasons. The large population of New York City makes it a place which is, in many ways, overcrowded. This creates a two-fold problem which is eased through the car donation program. First, making use of unwanted cars alleviates the burden of waste which occurs when there are such unused large objects littering the city. Second, car donation allows charities to better serve the needs of the population.

How car donation serves you

The stereotypes that says that New Yorkers are all self-serving has never held true. However, it is human nature to want to know what you are going to get out of any given situation, because this helps you to weigh your options in decision-making. Car donation offers may benefits to the individual donating a car. Car donation relieves you of the hassle of towing an immovable vehicle or of advertising and negotiating sales of a used vehicle. In New York City, car donation is particularly useful in helping you to efficiently move a vehicle which may be accumulating parking fees and ticket fines. Car donation also makes you eligible for a tax deduction, reducing what you owe to the government and moving that money to the local community. Finally, charity car donation also allows New Yorkers to give to their community and to feel more connected to the people around them, despite the bustling, high-energy pace of New York.

Car donation isn’t just for cars

Most people who participate in car donation are trying to get rid of their cars, but you should know that car donation can help you to get rid of many different types of unwanted vehicles. Trucks, vans, RVs and trailers are just some of the automobiles you can get rid of through used car donation programs. This information is especially useful for those people who have recently moved, or are considering a move, to New York City. Many people transport their belongings to New York, only to find that they are stuck with large vehicles which are debilitating in the city. Figuring out what to do with your vehicle is the last thing you want on your mind when you first move in to the city. Car donation will take away that burden.