Hundreds of charities have begun to adopt automobile donation programs as a method to raise funds or to provide themselves with no-cost vehicles to help operate their programs. But rather than managing the car donation programs themselves, they'll frequently turn to fundraising organizations to really handle the donation and auctioning of the vehicles. And that policy can mean a issue for you.
If you run an Internet search on automobile donation programs, you'll get hundreds of hits from fundraisers who claim that they will let you choose from amongst a group of charities to which the proceeds of your car's sale, of not the automobile itself, will go. And they will give you the paperwork you should claim your automobile donation as a charitable deduction on your IRS return.
Taking Guidance From The IRS
But the IRS itself, in recent years, has become alarmed at the proliferation of automobile donation programs run by fundraisers which end up keeping the bulk of the proceeds they receive for donated cars. The IRS recommends that it you are thinking about any of the car donation programs, you contact the people running it and get a clear answer as to whether they're charity officials, or private group acting for the charity.
If you discover that they are a private group operating the automobile donation programs of several charities, find out precisely what they strategy to do with the car you donate. Will the car be repaired and given to the charity to help in its function? Or do the fundraisers intend to auction the car off and if so, how much of the proceeds will go to the fundraisers, and just how much towards the charity?
Automobile donation programs which cannot, or won't, provide you with clear answers to these questions aren't those on which you are able to depend to see that your ca, or the cash it brings gets, to the charity of your selecting. And if the charity doesn't directly obtain the car or its value, you don't have the proper to claim the value of the car as a deduction.
Legitimate car donation programs greatly simplify the procedure of connecting you having a charity which will benefit from your gift. But it is your responsibility to analysis the numerous car donation programs in you area and make sure that as a lot a feasible of your car's worth will be channeled to the charity, and that the charity itself is 1 recognized by the IRS. Otherwise, your well-intended car donation may turn into a large issue at tax time, when you try to take an unwarranted deduction!
If you run an Internet search on automobile donation programs, you'll get hundreds of hits from fundraisers who claim that they will let you choose from amongst a group of charities to which the proceeds of your car's sale, of not the automobile itself, will go. And they will give you the paperwork you should claim your automobile donation as a charitable deduction on your IRS return.
Taking Guidance From The IRS
But the IRS itself, in recent years, has become alarmed at the proliferation of automobile donation programs run by fundraisers which end up keeping the bulk of the proceeds they receive for donated cars. The IRS recommends that it you are thinking about any of the car donation programs, you contact the people running it and get a clear answer as to whether they're charity officials, or private group acting for the charity.
If you discover that they are a private group operating the automobile donation programs of several charities, find out precisely what they strategy to do with the car you donate. Will the car be repaired and given to the charity to help in its function? Or do the fundraisers intend to auction the car off and if so, how much of the proceeds will go to the fundraisers, and just how much towards the charity?
Automobile donation programs which cannot, or won't, provide you with clear answers to these questions aren't those on which you are able to depend to see that your ca, or the cash it brings gets, to the charity of your selecting. And if the charity doesn't directly obtain the car or its value, you don't have the proper to claim the value of the car as a deduction.
Legitimate car donation programs greatly simplify the procedure of connecting you having a charity which will benefit from your gift. But it is your responsibility to analysis the numerous car donation programs in you area and make sure that as a lot a feasible of your car's worth will be channeled to the charity, and that the charity itself is 1 recognized by the IRS. Otherwise, your well-intended car donation may turn into a large issue at tax time, when you try to take an unwarranted deduction!
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Donate Car Long Island - Donate Your Car To Charity Today & Help A Child With Cancer! It's free to donate a car. It's easy to make a car donation. It's tax deductible. Go here for more: Donate Your Car NY
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