Top Tax Deduction!
What Are the Requirements For Donating to a Vehicle Donation Program? How do You Get Your Tax Break?Programs July 29th, 2009
Making the decision to donate a vehicle to a charity is becoming a popular thing to do these days. It can be a great means to help the underprivileged and receive a tax break at the same time. The only problem is that it can be a rather complicated process if one doesn’t go about doing everything right. Some people contact a Goodwill Industries program only to find out that their vehicle doesn’t qualify as one that can be donated.
Here is a few things car or truck owners need to know before trying to donate a vehicle:
• They need to check to make sure they have all the correct and current paperwork, including the title.
• The vehicle needs to be evaluated by a qualified professional.
• A tax break can only be claimed after a Goodwill Industries vehicle donation program successfully sells the car, truck, motorcycle, etc.
• Make sure that the vehicle is in running condition; or, if not, that it can be easily fixed.
• Be absolutely sure to fill out the correct IRS form. If the value of the vehicle is more than $500, then IRS form 8283 needs to be filled out.
• To prove to the IRS that the donated vehicle really does sell for more than $500, a receipt needs to be provided to the donator by the charitable organization.
These pointers express what is required of an owner in order to make the process go as simple and smoothly as possible. Donate vehicle programs are very wonderful, but donators need to make sure they understand the process and what is required on their part in order to make sure that all goes well.