Donate car for tax credit – Making sure that a charity or organization that you choose is qualified is an effective way to claim the tax deduction.
If it was not qualified, you will not be able to claim the tax deduction for your donation. For your information, the most qualified charity or organization is in section 501 (c) (3) such as the educational and charitable organizations and also the religious groups.
If you live in the United States, you can open and check for it on the IRS website or you can call the IRS at the telephone number that is displayed.
In addition, make sure that you have the charity name and address when you are calling. Below is the further information that we will share about Donate Car for Tax Credit and how to claim the tax deduction.
How to claim the tax deduction
There is information that you need to know in order to claim the tax deduction. If the contribution of your car is more than $500, it is a must to make or write the written acknowledgment. That acknowledgment has to contain some of the following things:
- Your Name and also your Tax Identification Number or TIN
- VIN or the Vehicle Identification Number of your donated car
- The date of when you donate your car and a statement that says that you did not receive anything in return for that donation or charity.
- Estimated value of your car. To get the market value, you can open some related website such as the automotive website.
- A statement that says that there were not any services provided by a charity
Claiming the Tax Deduction
A note that you have to remember is that the tax deduction may not more than $500 if a written acknowledgment doesn’t include that information.