Have you brought a brand new car? You are not sure what to do with your old car in the garage, and then you have landed the right page on the internet. You may have a bunch of thoughts to do with your old car or vehicle. However, I recommend you to donate your car to charity that would help to save the live hood of a number of people.
You can even sell your old car. First off, you need to service your old car fixing its problems, find a right buyer, which may take more time than you would expect. Moreover, you’ll have to shell out some cash from your pocket for maintenance work and advertising before it finds a right buyer. You may even not get the current market value for your car.
Philanthropy is the best way to eradicate poverty, and donating your car is the best way to recycle your old car or vehicle. You will be rewarded for your philanthropy from the mouths of millions of helpless people.
It is, however, if you want to help people suffering out there, the best way is to donate your old car to charity agencies. They will take the car in any condition; all you have to do is to surrender the key to the agent who comes to pick up the car. You should have proper documents such as valid title, insurance to make auto donations. Even if you don’t have them, the charity agency will take care of it.
The foremost reason of car donation is that you’re helping homeless and helpless people. Your donation would bring a big change in their life. When you donate a car, they will sell it at auction and around 70% to 80% of net proceeds will be given to the charity of your choice. These nonprofit organizations raise money to bring change in the life of the needy ones.
Moreover, you get federal tax deductions from car donation. Depending on the market value of which your car is sold, you can get a tax deduction while filing your tax return. If your vehicle is sold for less than $500, you can claim a fair market value based on the amount it is sold. And, if it is sold for above $500, you can claim for the exact amount for which the vehicle is sold.
Don’t forget to get a receipt when your car is picked up. That will facilitate tax exemption for your donation. Then file a notice of release of liability to a local Department of Motor Vehicle (DMV) and inform your insurance that you have donated your car.
If you decide to make a car donation, spare your precious time going through this complete guide for car donation which focus on what should be done and what should not.
Contributions in any manner help helpless people to get good stranded of living. Car donation is literally one of the best ways to get rid of your old vehicle.
For more Charity Articles
You May Also Be Interested In:
- How to get maximum tax benefit by donating your vehicle 2016 – Updated
- All You Need to Know About Car Donation to Charity
- Top 5 Charity Car Donation Wizards in the US 2016