Are you planning to donate your car to the charity? The reason can be too personal why you want to give away one of your most precious assets or maybe you have no more space in your garage, for that you want to donate car to the charity. Although, donate car to a charity will make a big difference to you amongst others, there are five ways for you to do when donating you car to a charity.
When you are giving away your car, you should always remember that you should stay away from intermediary person. These are people known to be the middleman and you will usually see them in different advertisement either on the televisions while watching your favorite soap or in the newspaper ad. The reason why you should never make any deals with these people because they are dishonest enough on the contrary to what they always claim about the donate car to your chosen charity. However, if you trust these people, maybe it will be ideal to call the charity where you have your car sent or donated, so that you will know if they really received the car without any fees collected from them.
Now, if you want to pay lower taxes that are why you are giving away your car, you should learn the status of your beneficiary. This is due to the fact that if you donate car to an institution you will be automatically a candidate for tax deduction. Then you are wrong, you should know first if the charity where you want to donate car to must be Internal Revenues Service or IRS approved charities. So, you need to contact the agency that is responsible for giving you the list of IRS favored charities.
Next is try to re-title the car to the charity, this will avoids you any future problems. When you donate car to your chosen charity, you need to transfer the ownership to the organization so that if it violated some road policies like that of ticket parking, it will not be charged to your name and you will not be the one to be force to pay for the fine.
Furthermore, once you have picked the right charity for you to give your valuable car, try to deliver it all by yourself. Drive to the place where the charity is located, you do not have to ask someone to transport the car for you, since this will give you additional cost that you want to avoid.
Last but not least, you should have identified the fair market value of the car that you will be giving away. You can do this by referring to the so called Kelly Blue Book.
If it is less than $500 you can refer to the latter, while if your donate car to the organization is more than $5,000 it needs to be estimated by a professional to avoid any conflict from the IRS charitable deductions and should be in accordance with the “determining the value of donated properties” or IRS publication 561 about donate car to charity.
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