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:
Most vehicle owners donate their old cars to charities because of the resulting tax deductions. Before giving away your car, make sure that the organization you select is classified as a 501(c)(3) organization by the Internal Revenue Service. Only charities with this classification can benefit donors with tax deductions. You can check out the IRS website and look for Publication 78 to explore non-profit groups that qualify for a tax break benefit.
Funding for programs
When your vehicle is sold and the donation is given to your chosen charity, that money helps them finance the different programs they may have started in a community, as well as the administrative costs involved in running their organization.