Car Donation Explained

What can be more noble than donating your old car to charity? You save yourself the hassle of having to sell the old used vehicle outright. You don’t have to run an ad, answer the phone calls regarding the car, and stay home to show the car. You don’t have to worry about test drives, bad checks or who is going to knock on your door. You can avoid all of these problems by donating the car to charity and obtaining a tax deduction for the donation. Beware! Part of this tax loophole has been closed. Before you donate a car to charity you should know what the relevant tax laws are. It used to be that the taxpayer who donated a car to charity could deduct the fair market value of the vehicle. Now the allowable deduction is $500 for a car donated to charity if the chari View the rest of this article