Planning to sell your old car so you can get a new one? Why not donate it to your favorite charity and help those in need? Here are some reasons why donating your car to them may be valuable for you:
June 30, 2014
June 20, 2014
Assuming the old car that you donated to charity sold for $500. Under IRS regulations, you can claim the full market value as a tax deduction. Meanwhile, the charity to which you donated your car can use the money to support their cause. It may make you wonder, though, what can a registered nonprofit do with $500?
From a foreign currency's perspective, the number may not look much. However, given that the U.S. dollar is one of the most valuable currencies in the world, even $20 can already buy so much. Here's a rundown of how much impact $500 can have in supporting charities.