There is nothing more annoying than a cramped up garage or the wasted space an old car takes up. While your teenage kids probably wont gush over the thought of using your old car, a charitable institution definitely wont mind taking your outdated cast off. Aside from the advantage of getting that garage space back, a car donation has great advantages such as: feeling good about yourself, helping people in need, and the best part? Getting tax breaks.
Donating cars is not entirely a new idea. That is why the IRS formulated new rules regarding tax deductions when you donate a car. The internet makes car donations appear as easy as one, two, three, but in reality you really have to be serious in your intent in donating a car because it entails certain responsibilities.
A Deduction Of The Deduction
The IRS has certain stipulations that have to be followed for a person to qualify for tax credit. Contribution of automobiles to authorized charities may only be deducted, if the goods are summarily itemized on the tax payers schedule A in the 1040 form.
Charitable offerings have express limitations as to the amount of tax cuts that may be claimed. One of...
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