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