You might want to think about donating your car or availing cash for car, if you have a vehicle that is simply cluttering up your driveway, or maybe it would cost more to repair the car than it is actually worth.
One way you get car cash and deduction by giving your car to charity and donating your car lets you have a tax deduction come that time of year. Start checking out charities that are willing to accept your car and that interest you. Whatever you choose, make sure the group is non-profit and a 501(c) (3) organization, even though religious groups that qualify as charities are a good place to start looking. There are also some websites that list organizations and charities that take cars for cash.
Call or stop by to learn the steps you will need to take to donate the car, once you have a charity in mind. In order to be entered into a database of charitable donations, some have a form or application you will need to fill out. Make sure to check with your local motor vehicle department regarding charitable donations. They might also tell you what to do with the title of the car.
Whether the car is running or not, a towing company or someone that represents the charity will then come to pick up the car. You get a receipt in return, when you give the keys with the vehicle. The donation receipt should have the name of the charity, the federal tax identification number of the charity, the date of donation and your full name and address. Before the car is removed, make sure the receipt is updated.
You will be notified by the organization, once the car sells. You will not need anything but your original receipt for filing taxes, if it sells for under $500. The organization will provide you with an updated receipt showing the final sale price, anything over $500, so this can be used as a tax deduction.
Cash for car can be availed by selling it to a junk yard, if for some reason you do not want to go the charitable donation route. Regardless of performance, cars for cash are offered by some auto yards. Just make sure that at the end of car cash transaction, you always get a bill of sale.
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