When you donate an automobile in Green Bay, Wisconsin, you essentially get rid of a car you no longer want to help a charity. When you donate a vehicle Green Bay IRS officials allow you to make a tax deduction. Some say, therefore, that people who donate a vehicle have essentially found some kind of a tax shelter. However, it is important to understand that many charities actually rely on the funds they get from these donations.
Finding Donate a Vehicle to Charity Green Bay Facilities
Donating a car is supposed to be a very easy process. However, in order to be eligible for a donate a vehicle tax deduction Green Bay residents must meet certain requirements. The most important one is that you get a tax receipt from the donate used vehicle Green Bay charity. Additionally, you have to itemize your tax return.
When they donate a vehicle Green Bay residents can also benefit from advice from the IRS:
- The American Job Creation Act of 2004 changed how much someone can deduct if the vehicle is worth more than $500. This means that when they donate a vehicle to charity Green Bay residents will only be allowed to deduct the actual sale value of the car, and not the fair market value or the Kelley Blue Book listing.
- If the vehicle's value is over $500, a tax receipt issued by the charity itself is needed to claim a donate a vehicle tax deduction Green Bay residents are advised.
Donate Used Vehicle Green Bay Practices
To donate used vehicle Green Bay residents have a range of choices among the different types of charitable organizations. Not all of them have been created equally, however. If you are considering making a donation, therefore, you must make sure that the charity is properly registered, and particularly that it is 501(c)3 registered, just like the organization at http://www.rawhide.org/, for instance. This registration means that the charity will actually benefit a cause, and not use the money to influence or lobby government. Do also make sure that you look into the charity's efficiency, which means you know just how much of your donation actually goes to funding the organization's services.