March 13, 2018
‘How Do I Donate My Car for a Tax Write-Off?’ Find Out the Simple Step-by-Step Process
Assisting charitable organizations in pursuing their worthy causes remains to be the main reason why people donate cars to such organizations. Veteran Car Donations is one such organization. We accept car donations from the public and convert them into funds to provide essential services to our veterans who could not obtain such services from the government for a variety of reasons.
Although some people make donations to charitable institutions without thinking of anything in return, others can’t help but ask, “What’s in it for me?” People who want something in return may not be considered less charitable than others who do not bother about the payback. They simply want to make the best of both worlds – to help others while helping themselves, too, which is not bad.
People who want something in return for their donation may know that they can obtain a tax write-off or a tax deduction for their donation. But some don’t know how this is done. They ask, “How do I donate my car for a tax write off?”
Our Quick and Simple Car Donation Process
Veteran Car Donations provides a quick and simple car donation process for the benefit of our veterans, our country’s unsung heroes. The process shows donors how easy it is to obtain a top tax deduction for donating their old and unwanted cars or trucks or any other vehicles. Our car donation process consists of just three simple steps, at the end of which you’ll get your tax write off.
- Step 1. Call us at 877-594-5822 or fill out our online donation form.
Let us know you want to donate your car and give us your personal contact information as well as a few details about the vehicle you’re donating — its year, make, model, mileage, VIN and general comments about its running condition. If you can upload a photo of the vehicle, so much the better!
- Step 2. Schedule your vehicle’s free and speedy pick-up.
Tell us when and where you want us to pick up your vehicle. We’ll coordinate with an affiliate towing company in your area to tow your vehicle. You don’t pay for towing since this is on us. We’ll give you a donation receipt that will release you from all liabilities on your donated car, thereby allowing you to de-register your vehicle, dispose of your license plates properly, and cancel your insurance coverage.
- Step 3. Check your mail for your tax-write off receipt!
We work with certified 501(c)3 nonprofits, which means your donation would qualify you for obtaining maximum tax deductions. Within 30 days after we sell your car at auction, you will receive your 100 percent tax-deductible sale receipt, indicating your donated vehicle’s final selling price. This will serve as the basis of your tax deduction claim when you file your itemized federal tax return.
If your vehicle was sold for less than $500, you can claim your vehicle’s selling price as your tax deduction. You also have the option of claiming your vehicle’s fair market value up to $500, whichever is higher. You can calculate the fair market value of your car by checking the prices online for vehicles of the same make, model, year and condition as your car. The IRS recommends that you use a reliable used-car price guide to compute your deduction when basing it on your car’s fair market value.
Your tax deduction claim gets bigger of course if your vehicle sells for more than $500. You can claim the exact amount for which it was sold. In this case, you cannot anymore base the deduction on your car’s fair market value.
Check IRS List of Non-Profits First
If you’re keen about getting a tax write-off for your car donation, make sure first that the organization you’re donating your car to is recognized by the IRS as a religious organization or a 501(c)(3) organization. Otherwise, you cannot claim a tax write-off. If you’re not exactly sure if your charity is qualified, the IRS has an online list of organizations that are tax-exempt.
With Veteran Car Donations, you can be sure that you will be entitled to a tax write-off because the proceeds from the sale of your car donations will go straight to our nation’s leading nonprofit military and veteran 501 (c)(3) organizations such as Eagle’s Watch Foundation, Got Your Back Network, Homes for our Troops, Soldiers’ Angels and Serving Veterans Inc.
Help Our Veterans Now!
If you wish to help our struggling veterans and at the same time obtain a tax write-off for your car donation, call us at 877-594-5822 and we’ll make sure you’ll hit both your targets!