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Charity Donations
by Jim Allen
http://www.quasicharity.com
If you are interested in making charitable donations and
claiming then on your tax return then you should consider
donating a used vehicle to a charity. This will allow you to
claim a deduction on your tax returns. However, there are
some rules you will need to follow and some safeguards you
should keep in mind.
First of all, make sure the organization is qualified. You
can do this by logging onto the IRS website to check for
qualified charitable organizations. If the organization you
donate a vehicle to is not qualified then you will not be
able to claim the deduction. So you will want to check this
out before you make your donation if making the deduction is
important to you.
If it is not, and you still donate the vehicle to this
organization you will not be able to claim the deduction on
your tax returns. So, if receiving a deduction on your tax
returns for a vehicle donation is important to you make sure
he charitable organization is listed with the IRS. IF not,
then choose another organization.
Make sure you determine the fair market value of the vehicle
in order to claim the donation on your taxes. You will not
be able to simply claim the Blue Book value for your vehicle
but will have to take into account the vehicles condition,
and accessories you have added, and the like. There are
several IRS and other guides that will help you come up with
the fair market value of the vehicle.
Before you donate your vehicle, however, you will also have
to figure out the vehicles fair market value because the
blue book value is not accepted by the IRS. There is an IRS
guide to help you determine the real value of your vehicle
including any accessories you have added and the actual
condition of the car.
After you have done the research required for donating your
vehicle to charity, if you still have additional questions
then you should call the IRS directly to have your questions
answered. This is really the only way to get accurate
information so do not rely on what the charitable
organization tells you. Make sure the IRS provides you with
your information.
Donating anything to charity is a good action, especially if
you donate a vehicle, because you are allowing others with
little to nothing lives to be a little easier. However, take
care when making donations in order to make the most of them
on your tax returns.
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