If your car seems to need repairs that are costly every few months, maybe it is time to think about replacing it. Giving your used car donation is a great way to take care of an old car you no longer need or want. There are many used car donation organizations that will be happy to take your aging car off your hands.
A used car donation can eliminate problems of trying to sell your old car, such as being stood up for appointments on a Sunday afternoon, or having to field numerous calls about the car at your home. A used car donation can make getting rid of your old, used car easy and convenient as well as provide a charitable donation write off for your taxes.
As in any ?too good to be true? endeavor, many people took advantage of the ability to write off a used car donation. Instead of using the price at fair market value, many people claimed the full retail price instead of the fair market value. That is far more money than the IRS intended anyone should make on a used car donation. What began to happen with used car donation, was the government was losing tax revenue in the millions.
The IRS has changed the rules. Now, if you think your car is valued at more than $500, the deduction you are allowed is limited to the actual selling price of the used car donation from the charity. The person who is giving used car donation has to add a statement of sale on their tax returns so that they may receive the deduction.
The charity where you made used car donation has to provide you with this statement within thirty days of the donation. You no longer are entitled to know what the deduction amount will be, before used car donation.
Don't let these new rules change your mind about giving used car donation. The system isn't perfect, but that doesn't mean that there aren't people who are benefiting from used car donation. Giving a used car donation is still far easier than trying to sell your car yourself, so before you make any final decisions about what to do with your old car, research used car donations.
Car Donation For The Blind
Many charities have car donation programs which are essential to their ability to raise funds. The cars donated will, if in good enough condition, be used by the charities in their work. Otherwise, they will be sold at a recognized auction to the highest bidder, and the person donating the vehicle will be able to claim its value as a tax write-off.
There are charities seeking car donations in all fifty states, and Florida, with its enormous population of senior citizens, is one state in which car donations play a vital role in helping people. Florida has both an elderly population who choose to donate their cars because they are no longer able to drive, and an elderly population dependent on charity organizations for their transportation. Car donations in Florida, in other words, are a way in which one segment of Florida senior citizens can help another.
Your Tax Benefit From A Car Donation In Florida
Florida is home to many, many different charities which will take car donations of vehicles as long as they are in average condition without significant body damage. All these charities are recognized by the Internal Revenue Service as legitimate so your donation is a perfectly acceptable write-off.
The tax write-off to which you will be entitled for your car donation in Florida depends on the amount for which it sells. If it sells for less than $500.00, you can claim greater of the sales price, or the book value of the vehicle up to $500.00. If you car sells for more than $500.00, you can take its entire sales price as a charitable deduction. So you are guaranteed, most of the time, a minimum $500.00 write-off for your car donation
Charities To Which You Can Donate
Some of the charities which will eagerly accept your car donation in Florida are the Florida Council for the Blind, the Multiple Sclerosis Foundation; and US Doctors for Africa. The Florida Council for the Blind is dedicated to helping the visually impaired find employment; The Multiple Sclerosis Foundation is the leading source of funds for MS research and projects designed to help MS victims in Florida; and US Doctors for Africa id a group committed to eradicating AIDS and the many other infectious diseases endemic to Africa by providing its poorest regions with both the medical technologies and health care professionals which they so desperately need.
For more info see http://www.1cardonationservices.com/Articles/Car_Donation_Services.php on Car Donation Services.
Your car donation in Florida will either provide a charity with much needed funds, or help the charity reach out to the less fortunate by providing them with transportation, or delivery of food, medicine, and other necessities of life. You'll be rewarded with at niche tax deduction, but even more importantly, with knowing you have made someone's life just a little more livable!
Both Arturo Ronzon & Wade Robins are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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