Car Donations? Helping Yourself and the Needy
You can always give back to the society especially to underprivileged individuals in your community. Donating something is one of the many things you can do. The value of the object can benefit recipients especially when they put it to good use. For example, donating cars to non-profit organizations would help the needy perform better in society. Non-profit organizations can use the car so they could function better to help the poor or they could raise their funds by auctioning the car.
But there are times when we feel skeptical about this practice because of several reports of unfair practices of some non-profit organizations. This happens when non-profit institutions only give a small portion of the profit from the auction. As a result some car owners remain cynic about donating their assets. As such, it is crucial to select the right group because the focus here is to give back to the society where it matters. It would defeat the purpose of giving back to the community if the profits only benefit the organizations and not their charity. What you must do to be able to pick the right organization is study the industry and select the one with reputation. You can check these organizations online or in government offices. The reliable ones are those that give a huge portion of the proceeds to the underprivileged.
If car donations help the community’s underprivileged members, you as the original owner of the asset get to benefit from this practice too. The government recognizes car donations as acts of goodwill and because of this; it awards citizens with tax considerations. The value of the proceeds can be used as a tax deductible. Individuals can deduct the amount of the proceeds when they file for their tax return. If the vehicle was sold based on the fair market value, the donor can use the whole amount as tax deductible. However, if the car is sold below the FMV, whatever that price is, the amount to be deducted should not exceed that amount.
Overall, donating cars is one of the profitable means to dispose used and old cars. You get to help the needy as well. You and your chosen charity gets to benefit from this act. You get to help the needy plus you get to save money since the amount is tax deductible.