Breaking News

Burst The Myths Related With Car Donation New York City And Donate Freely

It is hard to find people who will not be willing to donate to a good cause. Anyone who hears that a nyc car donation can help thousands of children in need get the basic necessities of life or they can go to the school, get education and grow up to be responsible adults will be very much eager to come forward and donate to the cause. But, at times many of us think more than once whether to go forward with the decision or not. This is because of some common myths or misconception about car donation New York City that goes around. People listen to this myths and step backwards. The golden opportunity to do away with the junk car in the garage and giving you a pocket and heart ache lingers around without you being able to do anything. That is actually very hard. So, the best thing is to know the truth so that you do not miss out on the chance of supporting a noble act and also earning a great tax deduction for yourself. Yes, that is true. When you donate car in nyc, to a non-profit organization, then you are eligible to claim a tax deduction on your donated vehicle. 


What Are The Myths That Needs To Be Confronted?

There are a few common myths that needs to be burst so that there is no impediment in donating the car.
  •  It Is Good To Sell The Car Than To Donate It
More than a myth, it is a belief and that too a very strong one. There will be many who would like to still make a profit out of an old clunker. In simple words, they would prefer to sell it rather than donating it. This is because most of the vehicle owners are unaware of the benefits of donating. It is true that a car donation New York City is not going to earn you cash. But, it will earn you tax deductions on the donated vehicle. Yes. For all cars donated to a 501 (c) [3] classified organization, the vehicle donor is eligible to claim tax deduction. This is not going to happen if you are just selling the car away. Moreover, selling would require you to get your car in proper shape in case it needs repairs, that has to be done as well. This means extra money spent. But when you are donating, you just give the car away as it is. No repairs needed. 
  • Organizations Only Accept Vehicles That Work
This would have been an important clause only if the car was donated directly to a needy family that could use it. But that is not the case. Most of the IRS recognized organizations accepting car donation will either auction the car off or sell the parts to use the proceedings in funding many service programs for the underprivileged children. That is why it does nit matter to them whether the car is in working condition or not or how old it is.
  • The Vehicle Can Be Donated To Any Organization
It is true that you can donate your vehicle to any organization you feel like. But, be aware of the fraudulent scams. You do not know what is in store for you just by hearing about the organization. You need to do some research and find out about the organization’s authenticity and claims. Moreover, all organizations will not give you the tax deduction that is being promised. Only the organizations that are recognized by the IRS, will give you the right to claim the deduction and also provide you with all the proper papers for documentation.
  • Charitable Organizations Only Accept Cars Or Trucks For Donation
As part of the car donation program that the non-profitable organizations runs for supporting the numerous service programs for underprivileged children, the most common donation that they accept is of cars and trucks. But that is not entirely true. These organizations also accept donations that include boats, RVs, travel trailers, fleet vehicles and real estate. You can always get things clarified from the representatives before giving up your car for donation.
  • Can The Car Owner Decide The Amount For Tax Deduction
That is not going to happen. You cannot decide the amount of tax deduction but you should have some idea about the Fair Market Value of the car. That is taken into account for deciding the tax deductible. Also, if the vehicle is auctioned at a higher price than the FMV, then that is taken into consideration. Above a certain amount, the charity organization where you donate a car nyc will provide you with all the proper papers required for documenting the donation.

These are just a few myths that one can get to hear. The best thing is not to lend an ear to them, find the details and then donate the car to a cause that counts.

Summary

There will be many myths and misconceptions related to car donation New York City. If you are a car owner and wish to donate your car to a good cause, then do not think about the myths. Know the truth and then go for car donation New York City.


Richard Bradford apart from being a great writer, has raised a voice and supported many social causes. His recent blog talks about the common myths that are associated with car donation New York City and which needs to be questioned.