I want to donate a Used Ford Explorer 4×4 for charity. The car details are below:
||4 wheel drive
I didn’t understand very well if the donation helps for tax returns so any help will be very appreciated.
If you are interested in receiving this donation please leave a comment. The car is located in Bay Area of San Francisco. I will try to understand if the donation of this car will really help you so tell me in few words why I should donate it to you 🙂
Only on answers i found some details abut donating a car. If you want to donate a car too, you can only deduct a charitable contribution if you itemize, so if you don’t itemize, there’s no tax benefit to you from the donation.
Charities usually sell donated cars at auction, and they’ll give you a receipt for the car showing how much it sold for – that’s the amount you can deduct. Be aware that cars being auctioned usually sell below what would be fair market value.
The tax benefit from the deduction is at most the amount of the deduction times your tax bracket. So if they sold the car for $3000, and your tax bracket is 15%, your tax savings would at most be $450.
This is for federal taxes, so the rules are the same in every state of the US.
If you do not check a company before entering into a transaction, you could lose your money, time and credibility. Some widely used resources are the Better Business Bureau (www.bbb.org) and the national fraud center (www.fraud.org) these days, you can easily find out more about a company using the internet in a few minutes. From a company’s website, you can details about its ownership, how old the company really is and feedback from the company’s customers.