Hi,
I plan on buying a new car and want to donate my existing 2009 car. *My question centers around tax deduction and to learn if anyone has donated a car per the example below.* This will be my only time donating a car.**
My goal is to provide a car to a person who needs one and claim a full value tax deduction. *The process as I understand it would be to donate to a non-profit (I am not sure if religious institutions would qualify) and have them give the car to the person who needs one.* *If that process is followed, meaning the*NGO receives no value, I* would be able to deduct the accepted estimated value of the car.**
I understand that the NGO would not directly benefit but my goal of making a charitable donation (vs a trade-in) will be accomplished.* And my plan is that this* year as DW turns 70.5 years, we will open a charitable giving account which will allow us to create a significant dollar donation for*tax season.**
Has anyone donated a car like* this* or something similar? *If so, how did you approach it? *Any other thoughts/clarification?
Thanks!
I plan on buying a new car and want to donate my existing 2009 car. *My question centers around tax deduction and to learn if anyone has donated a car per the example below.* This will be my only time donating a car.**
My goal is to provide a car to a person who needs one and claim a full value tax deduction. *The process as I understand it would be to donate to a non-profit (I am not sure if religious institutions would qualify) and have them give the car to the person who needs one.* *If that process is followed, meaning the*NGO receives no value, I* would be able to deduct the accepted estimated value of the car.**
I understand that the NGO would not directly benefit but my goal of making a charitable donation (vs a trade-in) will be accomplished.* And my plan is that this* year as DW turns 70.5 years, we will open a charitable giving account which will allow us to create a significant dollar donation for*tax season.**
Has anyone donated a car like* this* or something similar? *If so, how did you approach it? *Any other thoughts/clarification?
Thanks!