.... when i donate it do i get money for it...?? and how will that process proceed???and if you could any information about donating a car
2006-12-12 12:54:06 · 4 answers · asked by didi_wah_2006 1 in Cars & Transportation ➔ Buying & Selling
When you donate a car, you get a tax receipt, but you will not get any cash. Under current tax law, you must donate the car to a 501.3c charity to get a tax deduction. You can claim up to $500 in value (not full blue book, that changed almost 2 years ago) or that actual amount that the charity gets when they sell the vehicle. The only exception is if the charity keeps the car for their own use, then you can take full market value!
Examples You donate a car.
The charity sells the vehicle at auction for $300. You can claim up to $500 as a deduction.
The charity sells the car for $750. You can take the $750 deduction.
The charity keeps the car for use by their staff. You can claim the blue book vale!
2006-12-12 13:48:14 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
I have donated cars before. You don't get any money however you do get a receipt for tax purposes that allows you to dedcut the full blue book value of the vehicle, even if it was in crapp shape and never would have sold for that much. It will reduce your taxable income, possibly increasing your return.
2006-12-12 21:05:29 · answer #2 · answered by Mike Hunt 5 · 0⤊ 0⤋
USUALLY ANY TIME YOU DONATE ANYTHING , YOU CAN CLAIM IT ON YOUR TAXES , OR ATLEAST IN GEORGIA , THATS HOW IT WORKS.
2006-12-12 20:58:00 · answer #3 · answered by PEACHES 5 · 0⤊ 0⤋
there is a website www.donateacar.com
2006-12-12 21:13:08 · answer #4 · answered by financedude64 1 · 0⤊ 0⤋