Five tips for donating your car

When it comes to donating a car, it goes without saying that you’re still making an investment. Not only are you investing in your community by donating something that will benefit them, but also, there is a tax break to consider. While it should go without saying that doing something great for your neighbors and being altruistic should be the priority, there’s a plus side to generosity. Here are five tips that you should consider.

 

  1.                Check that the Organization is Qualified
  2.                Itemize in Order to Benefit
  3.                Calculate the Fair Market Value
  4.                Deduct Only the Car’s Fair Market Value
  5.                Document the Charitable Contribution Deduction

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