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Are you tired of thinking how to handle and properly dispose your old car? You should not be considering selling it as doing so would definitely be not a win-win option for you.

As long as you have a receipt, you will get credit on your taxes for any money you give to charity. Any item you donate to charity can also give you tax credits and you can claim the full amount of any donation. A lot of people give car donations to charity when they have plans to purchase a new car.

If you donate your car, you can claim a tax deduction of up to $500. If the charity sells your vehicle for more than $500, you will be notified with the exact amount of the sale, and can use this amount on your tax return. The market value will depend upon the kind of vehicle you donate. Not all values are equal.

Now, there is no need to find prospective purchasers or put up an act to be nice and perky to do some sales talk to convince a prospective purchaser. To do a car charity effort, all you have to do is to choose a reputable and helpful charity where you would donate the used car. Donating an old car to a charity is like donating actual money. The charity would then arrange to sell the old car to be able to raise proceeds.

To make sure that you are dealing with a trustworthy charity, you should ask what they are planning to do with your vehicle. If they plan to sell your car, will they use a broker or not? You should also ask if the charity is receiving a large amount of the selling price, so that you know how much of the money will go directly to the cause you are trying to support. Your best choice is a charity that is collecting a percentage of the sales price, rather than the per-car flat fee.

Filed under: Automotive