One way to feel good about yourself is to donate car to charity. There is so much need among non-profit organizations in Green Bay that it is pretty much assured that any vehicle you own will be accepted by some charity or another. The only requirement that many of them have is that the vehicle's resale value must exceed the cost of towing. At least that is as far as the charity is concerned. As for the IRS, there are a few other requirements you'll have to meet.
An Approved Charity Is Needed
One of the first things you'll have to meet is the approval of the charity by the IRS. Whenever you make a Green Bay car donation it must be designated as a 501(c)(3) non-profit. This tells you that the organization is a registered charity and is eligible to accept donations. In Green Bay, donate a car to charity means you want to find this out before you take any more steps. Always verify this with the charity and then you can double check it with the IRS if you need to. Most car donation charities are more than happy to provide you with any information you might need to prove their eligibility.
Determining the Value of the Donation
Before they donate car to charity, Green Bay residents need to determine the fair market value of the car. In the past, this step was simple - all you had to do was consult the Kelley Blue Book, look up the year, make, and model of the car and slip that number into a line on your tax returns. Today, however, the value of your charity car is determined by how much it is sold for. That means that until you receive the receipt that states the actual sale price your gift is not complete. So, you will have to remain in contact with the charitable organization until the car has been sold and you know what information you can supply to the IRS on your tax return.
Whenever you donate a car there are many details that you need to keep in mind. However, if you've done your homework and know what to do, both you and the charity can benefit greatly from the gift that you provide.
No comments:
Post a Comment