3 Tips On Donating A Vehicle
Posted on: 26 April 2016
If you want to make sure that your used vehicle finds a great home, whether for driving or to donate it for parts, you will want to look into a vehicle donation program. To donate your vehicle on your own terms in a way that maximizes on the process, there are some valuable guidelines that you will need to follow.
Tip #1: Be Sure To Fill Out The Proper Tax Forms
When you are donating your automobile to any vehicle donation program, you will need to be careful to fill out the right forms to notify the IRS. For instance, if the value of the vehicle is greater than $500, you will need to fill out an IRS Form 8283. You must also report this information on the tax return that you file for the year. If you believe the vehicle to be worth $5,000 or more, you will need to take it to an automobile appraiser to get a clear idea of how much it is worth.
Tip #2: Drive The Car To The Donation Center Yourself If Possible
In order to avoid having to pay a great deal of money just to donate your vehicle, you should do your best to get the vehicle to run so that you can drive it to the donation center. If you pay a tow truck driver, it will cost you money and, most importantly, will decrease the profits that the donation center will be able to take in. If you can't get the vehicle to run yourself, you should see if the donation center has tow truck drivers who can handle it.
Tip #3: Look Into The Organization And Its Donation Program
You will want to research the company that you are donating the vehicle to so that you are comfortable with the donation process. Check into their credibility, because there are countless organizations that take donated vehicles. In doing this, ask how much of their proceeds go toward charitable causes. The majority of car donation services give between 15 percent and 35 percent to charities in these situations. Make sure that the company is fair in this regard, so that the charitable organization reaps the benefits.
Consider these three tips so that you are informed when you go to donate a vehicle. Be sure to look into vehicle donation programs in your area such as Action Donation Services for more information.
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