When you no longer want your car, you have several options available. You could sell your car, gift it to a family member, or donate it. Donating a car to charity is a great way to help a charity that’s close to your heart. A car is a valuable donation that they can either sell or use for their charitable work. We’d like to tell you how you can donate your car when you’re in Mt. Kisco, NY.
You Must Choose a Charity
Sometimes it’s easy to choose a charity. If you regularly make charitable donations, you’ll usually choose one of the charities you already donate to. If you don’t have a regular charity, there are many to choose from. An online search will reveal charities for almost every possible cause. If you narrow your search to causes you believe in, you’ll be able to find the perfect charity for your car.
It’s advisable to check if your chosen charity is 501 (c) (3) registered with the IRS. If it’s registered, you should be able to claim a deduction from your next year’s 1040.
Check if Your Charity Can Receive a Car
Not every charity can receive cars as donations. Receiving and selling cars requires people to administer the process and space to store the cars. A smaller charity may not have the resources or personnel. You may find this information on their website. If their website doesn’t have the information, a quick phone call to the charity will clarify the matter.
You Need To Transfer Ownership
This is the most important step. The main document for your car is its certificate of title. The certificate of title identifies your car and proves ownership. This certificate is provided by the New York State Department of Motor Vehicles (NYSDMV). The NYSDMV has a procedure for transferring ownership from one party to another.
You complete and sign the certificate of title as the seller, and representatives of the charity will complete the form as the buyers. The difference between selling the car and gifting the car is the purchase price is listed as a “Donation”. You’ll also complete Form DTF-802 from the NYSDMV for transferring ownership.
Claim a Deduction
The charity will then take your car and provide a receipt. In a few days, the charity should send you a letter acknowledging the donation and providing the valuation of your previous car. Keep this letter and submit it with your 1040 to gain your deduction.
Now that you’ve donated your car, you’ve helped a charity. It’s time to look for a replacement. Get directions to DARCARS Lexus of Mt. Kisco to check out our cars in person or click here to start browsing now! We have an amazing range of new and used cars to choose from.
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