Ask questions. The more you are aware the more info decision you’ll make regarding whether to donate your car and what charity to onate car to. Here are some questions, you should ask:
1. What kind of vehicles does the charity accept for donation? Some charities only accept vehicles running and are less than 10 years old. If your automobile doesn’t qualify, the sooner you know it, the less time you will waste and the sooner you can look for another charity that will accept your car.
2. What will the charity do with my car? The answer to this query is very essential because it affects the amount you can claim for your tax break. If the charity uses your automobile for its purposes, makes major repairs to it or gives it to a needy person, you may claim the reasonable market worth of your automobile. If the charity markets your car, that is what most charities do, it is possible to claim the amount they sell it for or $500, whichever is more.
3. Do I have to pay to have my automobile picked up? When the answer is yes, call a different charity. You must never have to pay to have your vehicle acquired.
4. What kind of receipt for tax purposes am i going to receive? The answer depends upon exactly what the charity does with your automobile donation. If the charity intends on utilizing the automobile, repairing it or giving it away, you should receive a letter indicating those intentions. If the charitable organization sells your car donation for much more than $500, they’re needed to provide you with IRS Form 1098-c. In case your automobile donation is sold for less than $500, the charity is simply required to provide you with a written acknowledgement of your donation. For complete details, see IRS Publication 4303.
5. What do I do with the title to my car? Some charities will ask you to present the title to the tow truck driver, while others asks you to mail the title to them via certified mail. The reason some charities will ask you to mail the title is because it is safer for you to have the title in the hands of the charity rather than those of the tow trucker. The receipt from the certified mail is going to be your first proof that you donated your car. Furthermore, when you mail the title, you might not have to be present once your car is picked up. Never, leave your title in the car. If you do, you could end up with no car and no proof of your automobile donation.
6. Exactly what do I do with my license plates? If your car has license plates from any Sate except Alaska, California, Delaware, Hawaii, Kentucky, Minnesota, Oklahoma, Oregon, South Dakota, Texas or Washington State on it, you are required to eliminate them and either return them towards the Department of Motor Vehicles or transfer them to an additional automobile. Many of those States won’t allow you to cancel your car insurance until you have done so. Do not leave your car parked around the street without license plates on it. In the event you do, you may get a ticket or your car might be impounded before the charity’s towing service arrives to pick it up. In this case, you’ll be liable for all charges.
7. Does the charity process car donations themselves or use a company to do them? If the charity uses a company to process automobile donations, you might want to know just how much of the proceeds the charity will receive.The more information you have, the more you’ll be able to figure out if you want to donate automobile and if so, what charity you want to donate car to.
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