Maine Finance

Aug 3 2017

Great for Taxes: Donate Car to Volunteers of America Michigan #donate #car #for #tax #deduction,


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In our cars helping people program you get the maximum tax deduction under IRS car donation rules.

Home > Taxes: Donate Car > Pay Less on Your Taxes

The Cars Helping People program sells your donated car to low-income people who need reliable transportation: That means you get the maximum deduction!

If you want to get the maximum possible deduction for your car donation to charities under IRS car donation rules, take a look at our Cars Helping People program when you donate a car. Cars Helping People is a real lifesaver to low-income Michigan families who need reliable transportation. It starts when you donate a car or truck. Then our Volunteers of America staff mechanics inspect them and perform any necessary repairs. After that we put them on our lot in Pontiac and offer them at below market value to low-income drivers.

Deduct the full fair-market value of your car – the maximum allowable deduction under IRS car donation rules.

If your vehicle is purchased by a low-income driver, the Internal Revenue Service allows you to take the full fair-market value (the same value that you would get at as a private seller) as a tax-deduction for that year. You have to itemize your deductions when you file your Federal taxes, and include the receipt from Volunteers of America Michigan with your return. You get the full deduction for vehicle donation and charity, and a low-income person gets the reliable transportation they need. It’s a win-win situation!

If you want the truck or car you’re donating to be part of the Cars Helping People program, let us know when you donate.

We are an official 501 (c) (3) charity, certified by the IRS. If you give your car or truck to a charity that isn’t a 501 (c) (3) charity, you could lose your deduction.

We also help you avoid the pitfalls of having some or part of your deduction disallowed. We don’t offer you anything in return for your donation. What’s wrong with that? If a charity vehicle donation program offers you anything in return for your donation, you have to subtract its value from the value of your donation. So if you take any goods or services from a charity and don’t declare it, the IRS could come after you years after you file your return, deny your deduction and charge you interest and penalties. At Volunteers of America Michigan we give you the grateful thanks of the people your donation will help, but we don’t give you anything that could get you in trouble with the IRS down the road.

We aren’t accountants or tax lawyers, but Volunteers of America Michigan knows the IRS car donation rules about vehicle donation and charity, and we work hard to make sure your donation is compliant. Click here for our 8 Step Guide to Car Donations, Charity Donations Even the IRS will Love.


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