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 20, 2014
How Helpful Can Your $500 Car Be to Charity?
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.
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