What Is the Minimum Donation Deduction? Here’s What You Need to Know
Based on the rules established by the Internal Revenue Service (IRS), there is no such thing as a minimum donation deduction. However, the IRS has imposed limits on donations. Depending on the type of charity and type of contribution, you can only claim a tax deduction of up to 50 percent of your Adjusted Gross Income (AGI). If your deduction claim exceeds 50 percent, you may claim the excess in the tax filing season for the following year for up to five years.
Make Sure You Deal with an IRS-Certified Nonprofit Organization
For your car donation to be tax deductible, you must pick the right nonprofit organization with IRS certification. Qualified organizations include churches and other religious organizations, nonprofit schools and hospitals, war veterans’ groups, and more.
However, making donations to an individual, foreign government, political parties, action committees and campaigns, international charities, or for-profit organizations will not qualify for tax deductions. Most organizations will tell you if they are a qualified and certified 501(c)(3) organizations and if your donation is tax deductible.
Donate a Car to Help Veterans and Get a Big Tax Deduction
Veteran Car Donations seeks to continuously help veterans and their families who are in need. We convert the vehicles donated to us as sources of funds for the veteran-centered programs of our nonprofit organization partners. These programs provide needy veterans and their families with housing assistance, financial and medical support, grief counseling, job training, scholarships, and many more.
How to Make a Car Donation
If you have an old and rusty car just sitting in your garage or driveway that you no longer find useful, consider donating it to us. Just follow these three quick and easy steps:
1 – Call us at 877-594-5822 or fill out our online donation form. Afterward, we will just be asking you a few questions such as your contact details, your car’s year, make, model, mileage, condition, and title availability.
2 – We then agree on the best time, date, and place to pick up your car. We will arrange with a licensed towing company in your area to pick up and tow your car for free. We will issue you a donation receipt acknowledging that your car was picked up for donation. This releases you from all liability on the car you’re donating from that point forward. You can now de-register it, dispose of its license plates properly, and cancel its insurance coverage. The receipt also allows you to take the minimum tax deduction without further paperwork.
Once towed, we will sell your car via auction.
3 – Within 30 days after the sale of your car, we will mail you a tax-deductible sales receipt for you to claim your tax deduction.
Types of Vehicles We Accept for Donation
We at Veteran Car Donations accept nearly all types of vehicles for donation, regardless of their condition. You can reach out to us wherever you are in the United States since we have car donations programs all over the country.
The vehicles we accept include common vehicles such as trucks, minivans, SUVs, vans, buses, and motorcycles; specialty vehicles such as ATVs, riding lawnmowers, farm equipment, snowmobiles, non-commercial aircraft; Recreational vehicles such as campers, travel trailers, pop-up trailers, motor homes, 5 wheelers, toy haulers; and boats and watercraft such as yachts, jet skis, motorboats, sailboats, and pontoon boats.
Donate and Help Our Veterans Now!
Donate a vehicle now to Veteran Car Donations and help thousands of needy veterans. Contact us at 877-594-5822 and get free towing and maximized tax deductions for your car donations.