Click Here to Donate
  • How to Donate
  • Tax Benefits
  • Blog
  • About
  • facebook
  • twitter
  • LinkedIn
  • Instagram

Tax Tips: Donate Your Car

Tax Tips: Donate Your Car

August 28, 2018 by yellow-ribbon-vehicle in Car Donations Tax Right Off
Tax Tips: Donate Your Car

Planes, trains, automobiles, oh my! So, you have decided to donate your car, truck, motorcycle, boats, jet skis, farm equipment, or construction equipment which are taking up space in your garage, barn, driveway or storage. Keep in mind, one of the several benefits of donating to our program is the tax deduction. Below you will read, the top tax tips for donating a car or vehicle to Yellow Ribbon Vehicles.

  1. Always consult your tax professional in regards to any charitable donations. Each donor’s tax situation is different from another, so it is best to seek out expert advice.
  2. In addition, you may seek out additional advice from the IRS on how to claim this and other charitable donations. Tax forms, publications, and supplemental reading materials are accessible through the IRS website: www.irs.gov. Also, you may call 1-800-829-3676 to direct any questions about your claims or drop by a walk-in IRS office, which are located throughout the country.
  3. One of the first steps of this process is to determine that the charity is in fact eligible to receive tax deductible contributions. The most common types of qualified organizations are section 501(c)(3) organizations, such as charitable, educational, or religious organizations. Yes, Yellow Ribbon Vehicles is a 501(c)(3) organization! If you are interested in learning if other charities are tax deductible, visit IRS.gov to search for registered charities.
  4. Be sure to save your receipt from Yellow Ribbons Vehicles after donating a car or vehicle. Your receipt will be generated as soon as the vehicle sells. In most cases you can expect a receipt within 30 days from the time we pick up your vehicle.
  5. Please keep in mind, the IRS will only allow a deduction for the fair market value of the car. This can be found on the tax receipt mailed to you for your donation. If the car is worth more than $500, you must complete Section A of IRS Form 8283 and attach it to your tax return.
  6. Finally, if the car is worth $5,000 or more, an independent appraisal is necessary. As the donor, you must also fill out Section B of IRS Form 8283. It is wise to take pictures of the car and save receipts for new tires or other upgrades to verify its value.
donate your car donating a car

Article by: yellow-ribbon-vehicle

Share this post:
facebook
twitter
linkedin
insta
Previous StoryHomecoming Next StoryMotorcycle Donation Tax Deduction & Other Benefits
  • Popular
  • Latest
  • Comments
  • How to Start Your RV Donation 28th August 2018

     How to Start Your RV Donation

  • Tax Tips: Donate Your Car 28th August 2018

     Tax Tips: Donate Your Car

  • Car Donation Programs for Charity 21st January 2019

     Car Donation Programs for Charity

  • Instead of Junk Car Removal, Donate a Vehicle and Help Veterans 11th February 2019

     Instead of Junk Car Removal, Donate a Vehicle and Help Veterans

  • Car Donations  to Help Military Veterans 17th January 2019

     Car Donations to Help Military Veterans

  • Learn How Vehicle Donation Makes a Difference to Veterans 11th February 2019

     Learn How Vehicle Donation Makes a Difference to Veterans

  • Vehicle Donations to Veterans Charities 11th February 2019

     Vehicle Donations to Veterans Charities

  • Instead of Junk Car Removal, Donate a Vehicle and Help Veterans 11th February 2019

     Instead of Junk Car Removal, Donate a Vehicle and Help Veterans

  • Donate Your Motorcycle to Help Veterans 11th February 2019

     Donate Your Motorcycle to Help Veterans

  • Yellow Ribbon Vehicles: Donate Your Car to a Veterans Charity 11th February 2019

     Yellow Ribbon Vehicles: Donate Your Car to a Veterans Charity

  • Homecoming 23rd April 2015

     Homecoming

  • Everyday Heroes 23rd April 2015

     Everyday Heroes

  • Tax Tips: Donate Your Car 28th August 2018

     Tax Tips: Donate Your Car

  • Motorcycle Donation Tax Deduction & Other Benefits 28th August 2018

     Motorcycle Donation Tax Deduction & Other Benefits

  • How to Start Your RV Donation 28th August 2018

     How to Start Your RV Donation

Categories

  • Car Donations Tax Right Off
  • Motorcycle Donations
  • NEWS
  • RV Donations
  • Truck Donations
  • Uncategorized
gold-seal
  • Home
  • How to Donate
  • Why Donate
  • Volunteer
  • Blog
  • About
  • Contact
  • Privacy Policy
  • Security
  • FAQs
secure secure secure secure

ALL RIGHTS RESERVED. YELLOW RIBBON VEHICLES

©️2018 YELLOW RIBBON VEHICLES IS PROVIDED BY VETERANSPLUS - A 501(C)(3) NON-PROFIT ORGANIZATION.