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If you want to receive a deduction for your donation demand that your charity is a 501c organization. Selecting only IRS-approved charities helps you to receive a big write-off at tax time. Temples, churches and mosques likely qualify for receiving the IRS stamp of approval. Stop by the IRS website to find 501c organizations. Search for Publication 78 by typing the number “78” into the search tab on the IRS website home page. If you are donating you might as well receive a tax break for your generosity.
Why add to your charity’s delivery tab? Drop off your donated vehicle in person to maximize your gift. Simply drive your auto to the charity to help out the organization. Pay for towing if the vehicle is no longer in working condition. Going the extra mile both literally and figuratively generates good karma for you and your family.
Nothing ruins your day like seeing parking tickets for a car you have donated years ago. Avoid headaches by re-titling the vehicle to your charity of choice. Notify your state Department of Motor Vehicles of the transfer to officially change ownership of the car. Make sure the ownership space on donation papers is filled in by the current owner to rid yourself of any problems in the future. This is the easiest way to avoid annoying or costly violations which could haunt you down the road.
Affix IRS Form 8283 to your tax return if your donation exceeds $500. Car donations greater than $5000 require you to seek an outside appraisal to verify the claim. Pay attention to the details of your donation and record numbers to smooth out the donation process. Provide a copy of the title change and receipt from the charity to show proof of the donation. If doing so much legwork seems like a chore think of the ultimate outcome. Provide the greatest benefit to a charitable organization and maximize your tax deductions. Doing a little extra work pays off for both parties handsomely in the long run.
Although some organizations might mean well such groups cannot handle a large donation such as an automobile. Select from charities which are well-equipped to process such a gift. Exercise caution in selecting reputable charities by doing strict due diligence online and offline. Ensure that capable and trustworthy individuals are handling the donation.
About the Author: Ryan Biddulph shares tips to help you find the right charity for your car donation.
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