Friday, June 12, 2015
How To Determine The Value Of A Car In A Donate A Vehicle Green Bay Program
When it comes to making a vehicle donation it is important that you know the math involved in assigning value to your car. While you may have your own idea of what the car is worth, the IRS may not agree with you. You might conclude that your next option would be to look up the value of the vehicle donations in the Kelley Blue Book and you're all set. Unfortunately, the IRS doesn't always agree with that method either.
Here's the problem: because of the increasing number of people who choose donate a vehicle Green Bay schemes the IRS is concerned that many people will begin to pad these values. For that reason, they have laid out some very specific guidelines to follow in order to determine an acceptable Fair Market Value of your vehicle.
There are a number of factors that must be taken into consideration when you donate your vehicle including how the charity will use the vehicle or how much the charity received if they decide to sell it for cash. This means that in most cases, the transaction is not always completed with the transfer of Title. It may not be completed until the vehicle is sold and a Bill of Sale is finally completed much later.
Any time you make use of a donate a vehicle Green Bay program, it is your responsibility to ensure that these details are taken care of until it reaches completion. Only if you have all the paperwork in order and every detail is completed properly will you be able to claim the deduction when you file your tax return.
Whenever you choose to donate vehicle to charity, it is best to use organizations that are well-versed in this type of donation. You have fewer risks of problems coming up and you can be assured that your donation will be put to good use. In the past, many people have used a site like http://www.rawhide.org/ to donate a vehicle. It saves them the added work that often comes with such a transaction and gives them peace of mind in knowing that their participation in a Green Bay donate a vehicle program would not be wasted.