Have you considered the benefits of donating your car?

Got an old car sitting around thats not being used anymore? Rather than selling the vehicle for a few hundred bucks why not consider donating the car to Teen Challenge. Your donation may allow for a substanstail tax-deduction. 

Here are a few examples on how deductions work in regard to donated vehicles. These examples are from the IRS Publication #4303 "A Donor's Guide to Vehicle Donations"

 

Example 1: On April 1, 2007, you donated your car to the local food bank. When you donated the car, you had deter­mined that the fair market value was $4,300. On November 10, 2007, the charity sold your car (to someone other than a needy individual), without any significant intervening use or material improvement, and received gross proceeds of $3,700. Your deduction may not exceed $3,700. 

Example 2: The charity certifies in an acknowledgment that it will make significant intervening use of the vehicle by using it daily for at least a year to deliver food to needy individuals. Your deduction may not exceed the fair market value of your car, $4,300. 

Example 3: The facts are the same as in Example 1 except the charity only received gross proceeds of $400 from the sale. Your deduction may not exceed $500.

So in some cases you may recieve a larger tax benefit. To find out more about our Auto Donation program you can vist our website. All the forms needed to donate a vehicle are available for download. There is also a link to the full IRS Publication #4303. 

For more information please go to our Auto Donation portion of the website.