Already on ArticleSlash?

Forgot your password? Sign Up

The ABC’s of Car Donation - C is for Consider

 


Visitors: 191

Consider all of the aspects of car donation, both the positive and the negative. There are many practical reasons to donate your car to charity. It is much easier than trading in your car at a dealership and arguing over the trade in amount. It is also easier than trying to sell your car privately. You don’t have to wait for the phone to ring or for people to come to look at your car. And if your car does not run, is rusted or needs a lot of repairs selling it might be very difficult. When you donate car, you are eligible for a tax deduction of $500 or more. And, of course, you help a charity when you donate car.

There can be a negative side to car donation which you should consider. One thing to consider is the tax deduction. You can only claim the deduction if you itemize on your federal tax return. If you don’t have enough deductions to itemize, you won’t get a tax benefit from your car donation. If you are not sure if you can itemize on your taxes, check with the IRS or a tax advisor. Also consider the reputation of the charity or car donation center you are going to donate your car to. It is very easy to check out a charity online or through various agencies like the IRS, Attorney General, etc. There are plenty of reputable charities you can donate car to; there is no reason to use an unscrupulous one. The “fly by night” ones may be out of business tomorrow and any record of your car donation will be gone.

You may also wish to consider the amount of money the charity you donate your car to will get from the sale of your car donation. Some for-profit car donation centers only send a small percentage of the proceeds from the sale of car donations to charity. Also, if you donate car to a car donation center that advertises a lot, a portion of the proceeds from the sale of your car donation will go to pay for those ads. If this concerns you, look for another charity to donate your car to.

The benefits of car donation greatly outweigh the disadvantages. You’ll reap only the benefits when you consider all the possibilities and act accordingly.

(408)

Article Source:


 
Rate this Article: 
 
The ABCs of Car Donation - H is for Help
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

What is Car Donation?

by: George V King (July 13, 2008) 
(Automotive)

Get A Lot Of Value With A Car Donation

by: Eric G. Smith (February 27, 2008) 
(Automotive)

Car Donation Why Should You Go For It?

by: Scott D Mills (July 06, 2008) 
(Automotive)

The Beneficial Car Donation

by: Mathew Lorence (July 29, 2008) 
(Automotive)

The ABCs of Car Donation - N is for Need

by: Karen Campese (August 13, 2011) 
(Automotive)

The Egg Donation Process

by: Katie Matheson (August 12, 2007) 
(Health and Fitness/Womens Issues)

How to Get Tax Breaks for Your Car Donation

by: Michael Trusthold (December 19, 2007) 
(Finance/Taxes)

The Dos and Donts of Car Donation

by: George V King (July 13, 2008) 
(Automotive)

Automobiles And Car Donation

by: Prahalad Singh (December 29, 2007) 
(Automotive)

The ABCs of Car Donation - H is for Help

by: Karen Campese (July 14, 2011) 
(Automotive/Trucks)