Learning About Car Donations

A lot of the times when we have an old or broken-down car we often consider many different ways to get rid of it or ways to cash in on it. Many people will take it to the dealership or a salvage yard for cash considerations or trade value. One option that often is forgotten about is donating your car to a charity or any organization that accepts car donations. Many people want the instant gratification of getting money in your hand but one thing to not forget, are the tax breaks that come along with car donations!  There are important things you should make sure are in order before donating your car to and charity. Asking if the charity accepts donations directly instead of using a towing or pick up service is important. Towing or pick up services usually, are paid for by the charity so in order for the charity to receive the full amount of money one should look into free towing services. In order to receive a tax, break its important for you to make sure they can receive tax-deductible contributions cause if they do not you will not be able to get a tax break at the end of the year. It’s important for you to ask for documentation in this exchange for your own records and for the IRS.  In an occurrence where your car may be worth more than $500 an IRS form should be filled out.

One company that has become popular for car donations is Kars 4 Kids. It was founded in 1995 and has raised nearly 100 million dollars for charity. Whether your car is completely broken down, damaged, no longer using or just simply looking to get rid of it. Kars 4 kids determine the value of the car and depending on the condition they could be used in a variety of ways. They use working cars and donate them to families with a child with a disability or illness that may not have a way of getting their child to or from school. Even for a parent that may be struggling to get to work to take care of their kids.  In other cases, they may sell the car with the proceeds going directly towards the organization to fund their in-house programs that affect nearly 32,000 kids across the country. They have educational, mentorship, development programs and summer camps that are all offered through Kars 4 Kids. All in all, donating your car to this organization is one of the best ways to assure your car is going towards a good cause.

 

It’s important that if you are not looking for a tax break and simply just want to get rid of it, you can simply do a google search of companies that are surrounding you that accept car donations. For the most part, they offer a free towing service if your car is no longer able to run. At the end of the day, you cannot go wrong with looking into the possibility of donating your car, they usually go to a family that is down on their luck and just need a little bit of a helping hand.