Automotive Articles - Car Donation: Tax Write-Off Exposed For Boat Things You May Want To Know
This idea has been increasingly more important since the first Bush was running the country and tons of people have reaped the benefits; especially those making donations before 2005 when the laws were updated. Previous to 2005 Americans allowed to write-off the Market Value. New statues stated that cars valued at more than $500 dollars had to claimed for the actual amount of the sale at auction. The was a good thing, from the governments standpoint because they were taking a huge hit with false claims. On the other end of the spectrum just encase your not familiar if your car is valued from $0-$500 you are allowed to claim the full $500 dollars. This is important if you have a clunker, because chances are you're not going to recieve that much if you trade it in or try to sell it. This information lets you know what expect from the legal side of things when you donate your car.
If your donation is on the higher end of the scale you'll have to wait until it's sold, instead of getting a receipt immediately.. If your car falls under the cateragory of $0-$500 you should get paperwork immediately or within a few days depending on the charity. We all know how hectic things can go during tax time, so you probably want to make sure you know exact where you put it..
If you're vehicle was worth more, you're going to have a slightly different process.. The paperwork you'll get when they pickup your vehicle is only temporary. Most car charity will have the tow truck company give you a reciept that will serve as a transaction tracker number. With that reference number you should be able to follow your donation all the way until it's offically sold at auction. Once it goes to auction an the exact amount is determined they'll issue the donor all the paperwork that you need to fill out the correct tax write-off.
I recommend that you make copies and make sure that you keep track of all information involving your donation. This will not only protect you, come tax time but also make it easier to follow your car all the way thur the process of your car donation for tax deduction. Need to make sure your car donation tax deduction is handled correctly; you'll know exactly where your donation is all the way to auction. Read more here http://www.1cardonate.com/ or give us a call 1-888-558-4525. Making a difference through car donations
Related Tags: car donations, car donation tax deduction, charitable car donations
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