Tax Deductible Car Donation
Getting a new car is an exciting process. New seats, new windows, that clean car smell… what is not to love? Getting a new car usually means getting rid of an existing car. There are a few options, but many people chose to donate their car to charity. This option has many benefits, one of which is the fact that car donations are tax deductible, which means you save money on your taxes. Want to know how to donate a car for tax benefits? Let’s take a look at what you need to know about tax-deductible car donations.
Benefits of Donating a Vehicle
People donate cars for many reasons, not just for the tax-deductible write off. When you donate a car, truck or motorcycle to charity, you are free from any responsibility that comes with owning a vehicle such as storing, insuring, and maintaining it. Donating a car to Teen Challenge is easy because we offer free pickups, an easy donation process, and a tax-deductible receipt.
In addition, when you donate a car to charity you don’t have to deal with selling the car or haggling a trade in price. That can be a headache by itself. Instead, we suggest donating your car for a tax deduction, which is made possible if you itemize your tax return and if you make sure the car goes to a reputable charity (such as Teen Challenge Auto Donation Program).
How much can I deduct for my car donation?
How much can you deduct for your car donation? It depends on how the charity uses your donation. If you donate a car that is in working and good condition, it will typically be sold at an auction. If it is sold at an auction, then the price that it sells for is the deductible amount. So if the car sells at an auction for $3,200, your deduction is that amount. If the charity uses the car in another way, such as selling it or keeping the car, then you can deduct the fair market value using a used car price guide. Teen Challenge will always provide you with a tax-deductible receipt for your car donation.
Milwaukee Car Donations
Teen Challenge Wisconsin is the best place to donate a car because of our easy donation process and tax-deductible receipt. We take care of everything, making it easy and free to donate a vehicle to charity.
We accept any vehicle, whether it’s working or not, and we offer free pickups and free towing at no cost. You will always receive a tax receipt in the mail, allowing you to save money and write off your charitable donations. We are here to help you learn how to donate a car for a tax deduction and are happy to answer any questions you may have.