Understanding The Process Of Giving to a Car Donation Milwaukee Charity

It is likely that you are aware of the fact that there is a process available that allows giving to a car donation Milwaukee charity. Certain charities have been accepting these types of donations for a few decades now. However, because people don't buy cars all that often, and even fewer give their old ones away, not everybody understands the process involved.

How to Give to a Car Donation Milwaukee Charity

Making a car donation in Milwaukee really couldn't be any easier. This makes sense because the charities want to make sure that this is a convenient option for any potential donors. A charity like this one, for instance, has a simple contact form on their website through which you can tell them your contact details and what you want to donate. They will then get in touch with you to make the necessary arrangements to have the vehicle picked up. Because the charity is 501(c)3 registered, they will send you a tax receipt denoting the value of your donation, which is what you can deduct from your taxable income at the end of the year. It really is that simple.

What Happens After Donating Your Car?

Once you have made a donation, a charity can do a number of things. Firstly, they can sell it at auction, which is what most of them do. It is also possible for the charities to make some improvements on the vehicle so that they can sell it at a higher price. In this case, your charitable deduction will be that of the fair market value of the car when you donated it, not after they have improved it and sold it at a higher price. Last but not least, the charity can keep the car in use, for instance, by donating it to a service user or implementing it as part of overall service delivery. In this case, you can deduct the fair market value from your taxable income.

This also demonstrates the importance of the tax receipt. This should tell you exactly how much you can actually deduct, which may not be the value for which the car was sold, if it is sold at all. Naturally, your chosen charity will be more than happy to answer any further questions you may have.