How to Donate a Car in Westfield, New Jersey

Donating to charity is a great way to get rid of a car when you don't have the time to negotiate with used car salesmen or don't think you can get what it's worth. Donating a car to a charity lets you deduct its fair market value from your taxable income. Step #1 Make sure the organization is a registered 501(c)(3) charity or a qualified religious organization that can legally accept your donation from which you can rightfully claim a tax reduction. It is also advisable to find a charity that accepts vehicles without charging a removal fee. Step#2 Use the Kelley Blue Book or IRS Publications 526 (“Charitable Donations”) and 561 (“Determining the Value of Donated Property) to determine the fair market value of your car. If it’s worth $5,000 or more, have the car appraised by someone certified. Step #3 Receive a tax receipt... [read full story]