Do you have
an old car that you do not use anymore? Are you thinking of selling or donating
it? Sometimes people decide to donate their old car or a broken car because the
cost of repair is more than its cost. Finding the right donation can be
difficult on time just to make sure your chosen donation is IRS accredited.
Do you have
an old car that you do not use anymore? Are you thinking of selling or donating
it? People often decide to donate their old car or broken car because the cost
of repair is more than its cost. Finding the right donation can be difficult on
time just to make sure your chosen donation is IRS accredited.
Select the
right donation
If you want
to claim tax deduction for your donation, then you should ensure that the
donation or organization is qualified, otherwise, you can not claim tax
deduction for your donation. The most qualified Charitable Section 501 (c) (3)
organizations such as religious groups, educational and charitable
organizations are To check that the charity is eligible, you can check the IRS
website "Check EO" tool, or you can call the IRS tax-free division at
toll free (877) 829-5500. On the phone, make sure you have the donation name
and address.
Fixed amount
you can claim
If your
car's contribution is more than $ 500, you need to submit a written approval.
This should include the following:
1. Your name
and your TIN (tax identification number).
2. VIN of
your car (vehicle identification number)
3. The date
of your donation and a statement that you did not get anything in exchange for
donation
4. Estimated
value of your car. You can try Edmund, Car Fax or KBB to get the market value
of your car.
5. There is
a statement that there was no service provided by charity.
6. Note: Tax
deduction may not exceed $ 500 if all information is not included in written
approval.
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