How is the best way to donate a car for tax write-off? And to who?
- mercedesLv 74 weeks ago
Just choose who you want to get it and they will tell you what to do. Plan on the charity selling the car for low blue book value and you can deduct that amount. You could also sell it yourself and give the money to the charity of your choice.
- CarVolunteerLv 64 weeks ago
Judy & John are correct. If it is junk and not drive-able, the charity will scrap it. Give it to a charity that wants it that you support. Many charities will sell it at auction if it has value. You then get the deduction of the amount they receive from the auction. If you can find a charity that will use the car or give it away to a low-income person, you can deduct the fair market value (Blue Book private party price), which is usually higher. My name here was selected because my local church has such a program. I have have helped with it for almost 20 years. We have given away almost 1000 cars over that time. If you are close to Chicago, I could give you the link to the church. Still, there is no deduction if you don't itemize.
- JudyLv 74 weeks ago
Must be to a 501(c)3 charity, which one doesn't matter for the write-off. But unless you have enough deductions to itemize, you get no write-off.
- John AldenLv 74 weeks ago
Find a local charity who actually wants it. If it is a piece of junk, don't expect them to be jumping up and down for it. They will give you a receipt for the amount that gets donated, likely not as much as you expect. Best to scrap it if it is junk.