Some Questions about Vehicle Donations
If you are considering donating your car to charity, you probably need some answers about vehicle donations before you donate. Perhaps you want to know what will happen to your vehicle if you donate it. Usually if you donate your vehicle, the group to whom you donate it will sell it at auction. If you use a car donation service, such a service will sell the vehicle for you and donate the proceeds to the charity of your choice. Another question you might have is about the tax benefits of vehicle donations. As of 2005, if the value of your vehicle is over $500 you may only deduct the amount for which the vehicle actually sells at auction and you must submit a Form 1098B & C that you obtain from the charity within thirty days of the sale to the IRS.
Popularity: 7% [?]
admin @ October 17, 2008