Are you wondering if you should donate your junk car that’s sitting in your driveway or somewhere on your property and you’re wondering if you should donate it or not?
The reality is that your junk car has had a great life but, if you haven’t kept it in running condition it’s not going to get on the road anymore and if the vehicle is just sitting there, turning to rust, it’s time to get rid of your junk car.
If you been thinking about donating your junk car, this article will provide you with tips that you need to choose the right charity and make sure that your junk car is ready for donation.
Should you donate your junk car?
When donating a vehicle to charity, it’s important for you to know that many charities are only accepting vehicles that are running but, some also accept vehicles that are not running, because they know that they will make money by junking the vehicle themselves.
If you choose to donate your junk car to charity one of the most important things that you need to do is to make sure that the charitable organization is indeed a qualified charity. This means that they are a 501(c)(3) entity who has a focus on assistance or educational programs.
You can also donate your junk car to a religious organization as well but, most religious entities do not fall under the classification of a 501(c)(3).
To learn more about a charitable organization you can research them online or verify their status with the Better Business Bureau.
What Is the Value of Your Junk Car?
As with any donation, your primary goal may be to deduct your donation come tax time. If you donate your junk car, you have to itemize it on the Schedule A tax form 1040. Before you fill out the deduction, you should also know the fair market value of your vehicle by researching its value on the Kelley Blue Book website or reviewing the value of your vehicle on other car websites or forums online.
You must be aware that if your purpose is to claim your vehicle as a deduction, you won’t be able to get the full value of your junk car as deduction because you may only get a small portion of it’s value based on the marginal tax rate for the state that you currently live in.
Let’s say that your junk car is worth more than $500, or even worth more than $5,000, in this case, you’ll need to fill out Section A of IRS Form 8283.
Once you know what your vehicle is worth, depending upon the state that you’re living and you may be required to transfer the title above your junk car over to the charity that you plan on donating to and you may also need to remove the old license plates from your vehicle and the registration sticker too.
Do This Before Donating Your Junk Car to Charity
Besides taking the time to research a charity online, you may also want to verify how much the charity actually spends on their administration costs each year because, most charities will spend at least 15%, or more, on administration costs or operating expenses.
Why? Most Charities who accept donated vehicles typically hire local businesses to deal with vehicle donations and this explains why a large chunk of their proceeds don’t actually end up going to the charitable organization since the charity has higher operating expenses.
Let’s say that you decide to go with the third party when donating your junk car instead of dealing with the charity directly, in this case, you will want to confirm that your junk Vehicles title will be transferred using the charity’s name instead of the third party.
Once you confirmed the value of your vehicle, and also the legitimacy of the charity, the next thing to do is to verify if the charity will remove your junk vehicle from your property by having it towed for you. Most charities will do this about any problems but some may not so you should confirm that towing will be included so you don’t have to pay for towing out of your own pocket.
Save Time and Money by Selling Your Junk Car to Cashforcars24.com
Although you may want to donate your junk car to charity maybe something that you feel very passionate about the reality is that you may find out that the charity will offer to pay you a lot less money than what your vehicle is really worth.
Every junk car is always worth more than its owner imagines. Why? All junk cars are worth money thanks to their steel, recyclables, and reusable parts that are still waiting to be pulled from the vehicle, sold to junk yards or vendors and reused and other cars, trucks or vans.
If you’re serious about getting the funniest that your junk car is worth contact cashforcars24com today by calling us at (888) 913-5816 or click here to connect with us online.