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:
Tax deductions
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.
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