Thursday, October 23, 2014

Making A Car Donation Milwaukee Charities Will Receive Using A Third Party Service

On the surface, the idea of donating a car may seem simple. All you have to do is take it to the organization of your choice, get a receipt, and claim it as a tax deduction at the end of the year. Well, that's on the surface. While you may have had the best of intentions, the steps of getting your car out of your hands and into the hands of your charity of choice is often paved with potholes that could land you in some big trouble if you're not careful. Here are some tips if you're planning on making a car donation Milwaukee charities will gladly receive.

Do the Math

Whenever you're using a third party organization to help you with the transfer of your property to the charity of your choice, make sure that you get a declaration of how much of the car's value will go to the charity. You want to see that the bulk of your car's value will go to support the cause that you choose. This is important because if the bulk of the donation is going to the middleman, it might not provide as much of a benefit to the charity’s intended recipients as you thought.

Don't Rely on Your Estimation

It may seem a simple thing for you to check the Kelley Blue Book for the value of your car. While that resource may be sufficient in determining the market value of your vehicle, the IRS will only accept that value if the organization was able to make the sale for that amount or more. Remember, your car's worth is most likely to be determined by how much someone is willing to pay for it and not for how much it is listed in the book. You'll need to show proof that the car did in fact sell for the listed price or you won't be able to take the higher tax deduction.

car for donation in Milwaukee
Pay Attention to Detail

Thoroughly document everything connected to your making a car donation Milwaukee charitable organizations will get. It may be time consuming and frustrating to do so but when you consider how much your donation could amount to, it could turn out to be the largest donation you've ever made in your life. It is well worth the time and effort to see it through the right way.

Before you turn over one of the biggest investments you've ever made in your life, it is well worth it to take the time to do the needed research to make sure that you've made the right choice. Finding the right charity, meeting IRS obligations, and following through with all the Wisconsin DMV paperwork may seem like it's not worth it, but supporting your favorite charity is much more important than you think. By making a car donation Milwaukee charitable organizations will receive you're actually supporting yourself and your community too. By following the process and taking the right steps you ensure that everyone gains from the sacrifices you make. Here's a great article on how to donate a car in Milwaukee:

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