Frugal Living Investing 101 Money Management Beyond Money

Donating is Not Limited to Money

by MoneyNing

Last time, I spoke about UNICEF which is an non-profit organization that I donate to but there seem to be many different ways to donate these days.  Today, let’s explore the idea of car donations.

First of all, you need to read this document from the IRS which has quite a bit of information on car donations.  It has a wealth of information from including:

  • Selecting a charity
  • Qualifying for a tax deduction
  • Determining the Value of Your Car
  • Recordkeeping and Filing Requirements
  • State Law Requirements
  • Assistance Through the Charity, State Officials and IRS

There are some car donation sites out there which help you with this process.  In the one I linked to, you literally just fill out a form and  you will get an instant receipt for tax purposes.  The site will also arrange someone to come tow the car away and let us release our ownership of the car (title, keys) to the tow driver.

Personally, I will donate my car if the car was old and if I were going to donate the same amount of money to charity anyway.  That way, there is someone who will take care of all the cumbersome paperwork.  I also know that I essentially sold the car at fair value.  Now that I think about it, this applies for newer cars as long as I were originally going to donate money that is worth more than the car’s value.

For those that are always on the lookout for new ways to donate other than paying cash, check this out.

Tagged as: Philanthropy

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