Vehicle donations are a smart way to dispose of older cars that are not running or no longer wanted. Car companies continue to come out with the newest version of their most popular cars every year, intriguing customers to indulge in a set of brand new wheels. Cars that are running can be traded in toward the value of a newer vehicle, but in most cases, sellers do not get the amount they are expecting.
People who are thinking about getting a new vehicle may want to consider donating their unwanted car to a charitable organization. There are great benefits to donating a car to charity, including taxable deductions for yearly tax returns.
Most people who are looking to buy a new car may consider trading in their old car to the dealership hoping to get a better deal. This may not always be the case, especially if their car is somewhat older and not in the best condition. Trying to privately sell an older car has limitations as well. It can be a hassle for the seller because of the money spent on trying to advertise their sale. The seller also may not get the amount that they are asking for the car and have to deal with buyers coming to their home.
Donating a vehicle to a 501 (c)(3) nonprofit organization is beneficial when disposing of an old car. One benefit includes claiming the donated vehicle as a taxable deduction on yearly tax forms. When a vehicle is donated to a nonprofit organization and the car is resold, the donor can claim the amount the car was sold for on their taxes. The IRS allows the donor to claim a tax deduction of up to $500 or the amount the charity is able to sell the vehicle if over $500. They may profit a little bit more by donating than if they were to privately sell the car.
Rawhide is a 501 (c)(3) nonprofit organization located in Wisconsin that helps at risk youth and their families make a better life for themselves. It is Rawhide’s mission to provide support to troubled youth for their entire life. Any donation that Rawhide receives helps the organization give at risk youth the opportunity for a second chance. The Vehicle Donation Program at Rawhide accepts generous vehicle donations of running or non-running vehicles. They also accept the donations of motorcycles, boats, snowmobiles and RV’s. Making a vehicle donation to Rawhide is simple because they offer the option of taking the vehicle to a local drop-off site or having Rawhide pick-up right from the donor’s home. There are nearly 300 drop-off sites in Wisconsin where donors can take their vehicles when they are ready to be picked up. Donations are also accepted nationwide.
For more information on Rawhide and their Vehicle Donation Program, visit their website at http://rawhide.org