January 16, 2018
What Owners Need to Know
If you’re thinking about disposing of an unused and unwanted vehicle, it’s best to know about the pros and cons of donating your car. First off, congratulations for coming to terms with the fact that you don’t need to have that ancient chariot of yours be covered with more dust and more rust this year! You’ve been toying with this idea for ages and now you’ve finally decided to do something about your clunker!
To help you come up with an informed decision before you make a major move, we’re here to provide you with bits of useful information about the pros and cons of donating your car.
Top 4 Pros:
Let’s dive in and explore the positive side of donating your unwanted car.
- You won’t have to pay a single dime for the pickup and towing.
You don’t have to put a dent in your wallet to have your clapped-out car removed from your driveway! Donating your car would give you the opportunity to have it picked up and towed away for free at your most convenient time. This is good news for busy people who don’t want to spend cash to get rid of a car.
- You’ll get rid of a money pit.
Let’s face it, your clunker is sucking the life out of your bank account. When you say goodbye to your shabby car, you’re also saying goodbye to extra costs for maintenance, repairs, insurance, storage, and registration!
- You get a hefty tax deduction.
If your charity of choice is a certified 501(c)3 nonprofit organization, you’d be qualified for a top tax deduction for your act of generosity. Checking with a trusted tax professional is highly encouraged.
- You’d bring positive changes in the lives of the people who need help.
The best reason for donating an unwanted car to charity is the fact that people’s lives are going to be changed for the better because you decided to help! Supporting a cause that you truly believe in would not only catch you some good karma, it would also give you a sense of fulfillment that would last for a long time.
Top 4 Cons:
Now that we’ve already taken a quick look at the advantages of donating your car, it’s time to flip the coin and bring everything to a good balance by knowing the disadvantages of doing so.
- If you want fast cash, you won’t get it.
Giving your car away to charity may cause you to enjoy tax benefits, but if you want to get your hands on some cash ASAP, then you might be better off selling it.
- You can’t get a tax deduction when you donate to just any charity.
Only nonprofits who are registered 501(c)3 charities are IRS-qualified to give you the opportunity to enjoy a healthy tax write-off. It’s important for you to make sure that your chosen charity has an exempt-status.
- Other states may have additional tax rules.
Some states levy income taxes, so it’s best to consult with an accountant or a professional tax preparer before donating your car.
- You’d need to make sure that you provide the required paperwork.
Accurate documentation is the key to obtaining that tax deduction that you’ve been gunning for. With the help of the people from the charity you’ve chosen, make sure that all the necessary paperwork pertaining to your car donation will be made ready and available for you.
Know the Pros and Cons of Donating Your Car to Make a Wise Decision
Keep in mind that one way or the other, you can’t keep your unwanted car with you forever. When you know about the pros and cons of donating your car, you can turn the page and move on by deciding what to do to get rid of it.
Should you decide to go for car donations, donating it through Veteran Car Donations is an awesome way to part ways with your clunker. With our legit nonprofit partners, you’ll surely get the maximum tax deduction that you’re hoping for while helping us provide much-needed services to the military veterans across the nation. Not only that: You can count on our experienced staff to walk you through the entire donation process efficiently.
Questions? Call us at 877-594-5822 to get free towing services and more for vehicle donations through Veteran Car Donations!