Donating your old car to a charity like Kars4Kids is the easiest and fastest way to get rid of your used vehicle. Find out what makes it worth it?
In theory, donating used cars to "charities" helps you unload vehicles, aid a cause and lower your tax burden. In reality, it's rarely such a win-win.
Before 2004, donating a car to charity was a popular tax gambit. People would take thousands... the deduction one could take for a donated car, truck, boat or plane worth more than $500....
While donating a used car will help a driver in need this holiday season, don't expect it to change significantly your taxes alone.
Donating your car to charity can result in significant tax savings if you include it in your charitable contribution deduction. However, doing a little planning will ensure that you maximize the ta...
for a tax deduction of the car's current value. In fact, if... significant tax deductions, saving you cash in the long run. Contact a local charity to learn more about donating a car to a...
We have processed over 500,000 car donations, so you can be confident that you'll receive a maximum tax deduction when donating your car to Kars4Kids.
Learn about the tax benefits of donating your car to Habitat for Humanity
Donating to charity is a great way to show your giving spirit and save money on your taxes at the same time.
Make sure the charity you donate your car to is an IRS tax-exempt organization. Estimate the fair market value of your car using a used-car guide such as the Kelley Blue Book. If the charity is going to sell the car, your deduction is limited to the sale price, even if it’s below the market value. If it sells for $500 or less, you can claim a deduction for the lesser of its fair market value or $500. If the organization plans to keep the car, then you can deduct the car’s fair market value. If that value exceeds $5,000 and the charity doesn ...