When it comes to donating to charity, cash donations and petty donations in kind are usually the first things that come to mind. However, besides such donations, some charities may also accept car donations. It may seem a bit too much, but actually, there are benefits to be had, particularly for the donors, if they do make the decision to donate a vehicle, whether new or otherwise.
Here are just a few of them:
Donors can claim a significant deduction on their taxes from the donation of a vehicle. According to the IRS, deductions cannot exceed 50% of your adjusted gross income, which, despite the limit, can still amount to a very large tax break. In some cases, you may be able to claim the vehicle’s fair market value for your deduction.
Donating a used vehicle is a great way to dispose of a vehicle that you may no longer need. Not only will donating benefit you in the way of a tax break, you’ll also be helping the environment by keeping the car in use instead of sending it over to the junkyard.
On the emotional side, it can feel great when you know that a charity’s mission is benefiting because of your donation. It often brings donors a sense of pride.