Top Tax Deduction!
If you have a truck that you no longer want or need, you should consider giving it to charity. Goodwill Industries ®
helps to fund charitable programs that bring aid and assistance to those in need. Some of the programs in places like Washington DC, help bring job training and education to the under-privileged. These programs only have the means to do so with the proceeds from donated vehicles.
Think about it for a moment. If you choose to make a truck donation, you will:
• Not have to worry about advertising costs.
• Be providing assistance to a good cause.
• Bring awareness to your community if you donate to a local charity.
• Be rid of a truck that you no longer have any use or room for.
• Receive a deduction on your personal income tax return.
So, how does the tax break work? Usually, the charity will give you the first receipt at the time of pickup. And then, if your donated truck sells for more than $500, you will receive an additional tax receipt for your contribution.
After you donate a truck, its value will be determined by the gross proceeds after the sale. You won’t have to determine the value yourself. If the truck sells for more than $500, you are limited to only the gross proceeds of the sale for your tax break. You may not like the sound of this new law, unless your truck truly is old and unwanted, but you will still be contributing to a good cause, nonetheless.