Car donation

Document Sample
Car donation Powered By Docstoc
					coveting your second-hand car and, believe it or not, the competition
is fierce.

But what would a charity or non-profit
do with a beat-up roadster or for that matter a trailer who's travelled
more miles than you care to remember? Charities sell or auction second-hand
vehicles to raise funds for their activities, and there are a host of
sites urging you to donate the following: cars, SUVs, RVs, motorcycles,
trailers, trucks, boats and even aircraft!

Save While Donating!

OK, so all you have is an old sedan.
But if you're planning to trade it in for something more contemporary,
hit the brakes right there. A car donation can prove charitable to your
tax returns, in the US, at least. That's because the Internal Revenue
Service recognises this act as being eligible for a tax deduction. There
are several criteria that need to be met and lots and lots of paperwork
to be done. But it might be worth the few hundred dollars Uncle Sam
owes you!

Usually, the sum you're allowed to deduct
depends on what the charity organisation does with your car. These organisations
usually sell the automobile - second-hand or new - and hence the
deduction you claim cannot exceed the sale price.

The sections of the relevant tax laws
that govern the deduction vary with the amount you are claiming as deduction.
Hence, the documents you are required to file will also vary.

Promoting the concept, non-profit organisations
are aggressively advertising this act of charity and they are unabashed
to state that they take all kinds of vehicles - even aircraft.

Look, No Paperwork!

To sweeten the pill, you are told that
all the procedures, including the cost of the pick-up, will be borne
by them. Perhaps the most tantalising thing is that you don't have
to go through the hassle of filing all those documents with the Department
of Motor Vehicles.?
And while you're in a charitable mood,
there's something for the patriotic. The National Veterans Services
Fund in the US is also pitching for car donations. Again, donations
to the fund earn you a tax write-off while giving you the chance to
help all those war veterans who laid their lives on the line foe their

A donation like this costs nothing. Once
you make up your mind, all you have to do is fill out a form on the
non-profit's website and the charity will contact you. After that,
it's a hassle-free process driven by the organisation itself.