Get Cash When Donating your Car?

Get Cash When Donating your Car?

If you’re looking to donate to charity, look no further than doing so by donating your old car. We all know that secretly, looking for a little compensation would be a fair trade for the sentimental value the things being given away has earned. For this reason, many people are looking for car donation programs where a cash equivalent is given back to them.

Car donations are the way many people choose to recycle their older model cars without having the headache of repairing, advertising, showing, and hopefully then selling them. Your donated car will not only get that old car off your driveway, or out of your garage. There are easy-to-use car donation websites where you can research hundreds of respected organizations, find answers to FAQs and complete simple online charity car donation forms. But turning cash by donating your car? Read on.

You might wonder – the terms “donation” and “cash” do not really match. One is an act done gratuitously. The latter is for barter.

The closest thing to a car donation with cash equivalent that we could get is the tax deduction that the IRS would give us in exchange for donating our cars. A generous compensation package is given to the right donors in the form of a tax write off, an amount depending on how the charity uses the car. If the charity decides to keep the car, you receive an amount equal to its fair market value. If they sell the car, you receive a tax deduction equal to the price it was sold for.

These compensation options are just as good as cash, and this is the closest thing to compensation as you can get. Remember, the tax deduction is a bonus and the real reason for donating should be to give from the kindness of your heart.

Whether the cash you get from in the “car donation with cash back” equation does not mean that you will somehow walk away from you donation with a fistful of dollars. If the charity to which you donate you car chooses to put it to work in the service of their efforts, you will be allowed to deduct its fair market value, as determined by Kelly’s Blue Book. If the car you donate is sold to raise money for the charity, you will be allowed to deduct the amount for which it was sold, unless that amount is less than Blue Book value. And, with the tax deduction you’ll receive in return, you’ll actually be performing a car donation with cash back.

Though seeking a program that offers a car donation with cash equivalent would be a trademark of human nature, it is responding to the plight of others that should be our calling in life. Just visit our website for more information on Car Donation For Cash and related information.

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