It is summer and you might have brought out the family car out in the driveway and giving it a good scrubbing and washing. Are you planning to sell it away? Is that the reason that the old car is getting such a good attention? If yes, then there is another way in which you can bid adieu to your dear car but without any of the hassles of cleaning and scrubbing involved. You can simply decide to donate your car to one of the organizations that accepts car donation NYC and that would make all the difference.
Thinking of what a car donation in New York City actually refers to?
If you have not heard about car donation NYC still, then you are actually lagging behind. In the US, a good number of citizens have already benefited from a car donation in NYC. How? They have not only been able to say goodbye to the car that no longer serves the purpose in the family, and they have earned great tax deductions on the donated vehicle. Even though charities are not supposed to offer one with any returns, there are some organizations that are recognized by the IRS. If you choose to donate your car to any such organization, then you automatically becomes liable for a tax deduction.
How Is The Tax Deduction Decided Upon?
Before giving up the car, know in details all about the tax deduction that is going to come to you. Only because you are liable to get a tax off, does not mean that you can claim anything you want. The tax deduction that one is supposed to get depends upon the lower of the Fair Market Value or what is called the FMV of the vehicle or when the car is auctioned off at a higher price. There are rules put down by the IRS on claiming tax deductions and the vehicle owner has to abide by those rules strictly.
Does The Condition of the Car Got To Do Anything With This?
There is no reason to think that a car that is working fine and in the best of condition will get you a good tax deduction. It might sell well at the auction but if it is not in good condition, or is not working at all, then also there is no reason to worry. The car donation organizations will accept the car in any condition that comes to them. Their only look out is to get the car from the owner and utilize it. They do not ask the car owner to make any kind of changes or even wash or scrub it before donating. They will accept as it is. Perhaps, that is the best part of donating the car to such non-profitable organizations.
What Is The Role of The Car Owner In The Donation Process Then?
The role of the car owner in the entire car donation NYC process is to look for an organization that works for a good cause and is in no way running the car donation program to fill their pockets. That is why the first thing to look out for is to find an organization that is recognized by the IRS. This adds credibility to the organization and hence makes it safe for all to donate the car without any second thoughts. Once the car donation organization is decided upon, the next thing that the car owner has to do is have all the queries sorted out. Every details that they need to make clear with the car donation NYC can easily be sorted out with the representatives. After all the queries are being cleared, the car owner can go forward with the vehicle donation. The details of the car are to be provided and a proper title transfer has to be in place.
The title transfer is a must for every car. Even the organizations accepting the car donation will ask the car owner to provide the title transfer papers. However, in any circumstances, if they are not able to get the title transfer papers, then no worries. Arrangements are made by the organization only to arrange for some alternative. A title transfer cannot be overlooked and this is because it keeps the car owner out of harm’s way if ever the car is found to be used in any unlawful way.
How Is The Car Donation Being Utilized?
The car donation NYC that comes to all the IRS recognized organizations are utilized for arranging funds for running the various service programs for underprivileged children. This includes arranging for hot meal programs, sending a child to school, replenishing the school book inventories and even sending them to a summer camp.
So, this summer as you bring out your unused car out of the garage for a wash and scrub, think about not selling it but presenting it to an organization that will accept it and use it for the betterment of the many children in need.