How To Turn Your Junk Car Into A Tax Write Off
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It Lerks In The Shadows
It's ugly, a terrible eyesore that you and your neighbors can't stand to look at and it is in your front yard! You keep saying that you're going to get rid of it but, calling a junk yard to come get it off of your hands doesn't seem right. All of the memories that you have had in the car are worth much more to you than a measly $125!
However, what if that junk metal in your driveway could provide you with a tax donation of $500.00 or more all while providing much needed funding to 501-c3 charities. Not only would you sleep better at night knowing that you were able to help your community, you can ensure that you pay less in taxes. It's a win / win!
What Happens When A Car Is Donated?
When a car donation is made, it goes through a bit of a process to get the money to a charity. First the car must be inspected. This inspection allows the company that accepted the car donation to evaluate the overall sale price of the car.
Once the sale price is evaluated, running cars will make their way to the auction. If the car is not in running condition, in some cases, it will be repaired for auction. However, when cars are damaged beyond repair they are generally sold to a junk yard. However, because the car donation company works with the junk yard on a massive volume, they tend to get more money for the donation. Generally, the car donation company will take a small percentage for operating costs and donate the rest of the proceeds to the charity!
Cars Helping Charities
I'd like to take this portion of this article to highlight what I believe to be the car donation company with the best ethics, morals and overall goal. Cars Helping Charities accepts car donations nation wide. Although most car donation companies are only in it for the money, as a personal friend of the owner, I have to say, this is not the case with Cars Helping Charities.
Cars Helping Charities has designed a system that allows consumers to donate the proceeds of their junk or unwanted car to the church or charity of their choice. Also, they ensure that the maximum percentage of the proceeds from your car donation goes to the charity of your choice. I've taken the time to donate my car, I hope you follow!
Did You Know 1 Junk Car Could Equate To A $1000 Donation To Charity?
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Thank you monecristo! I really appreciate it!
Great hub. I don't have any junk cars, but I know some people who do. I will let them know about this information. Voted up and interesting.
Thanks KC Pickens, your friends donations will go a long way for the charities they choose!
I know that Goodwill will donate cars to family in needs in certain areas. Great idea.
Great hub!
Was unaware of this. Very informative. Voted up!
They absolutely will. As a matter of fact, Goodwill is one of the companies that we donate the funds from the cars to! Thanks for your comment!
Good information here! Well done. I've never donated a car before, but it seems like a good thing to do; especially if the vehicle is in running condition and can be further donated to others who can get more use from it. Good job.
Hi, It's good to know that a junked car can be donated to a charity. Good info, thanks. Voted up and Useful.
Great hub, Joshua! And a very warm welcome to you here! If I ever have a junk car on my hands I will keep this in mind. :)
Thanks Sueana I really appreciate it!
Good info. My car is quickly approaching "junk car" status. LOL! Thanks for a great hub.
Thanks, hope when you decide to donate your car, you donate it to CarsHelpingCharities.org!
My poor little old junk car is still carting me from place to place, but one of these days, it will need to go to that great car lot in the sky! Voted up and useful! :)
Thanks for your comment!!!!
Great piece of information Josh...
Thanks for all your comments!
FH,
Great information hub. I am amazed how many people are unaware of these charities that the have locally. Several years back I donated a car to a charity that helped kids. I felt better than that than trading it in or selling it. Voted up and awesome
Thanks so much for your response American View! Glad you were one of the people that have donated a car!
very good information I didn't know you could donate for tax dollars-- we have this company who hauls junk cars away for free and any other metal Im going to look into our local chapter this type of charities thank you :)
Frank Atanacio, thank you for stopping by. Please if you decide to donate a car, donate it to www.CarsHelpingCharities.org!
Thumbs up! My car is not falling apart (yet), but it will in a few years. I wonder if this scheme works here in Europe. Your hub certainly made me wonder if we have this sort of write-offs, at all.
Isabelle, although we are based in the US, we still accept cars from all around the world and the tax write off is actually much better in Europe than it is in the U.S.!
I wish I had known about this when we were cleaning up my mom's property after she passed away. There were several cars that we just took to the junk yard. It would have been nice to help a charity instead. Great information!
Well, I'm sure life will give you plenty more opportunities! Thanks for your comment justateacher!
Great information! You can also donate most 'junk' cars to a community college for their auto shop classes and get the donation tax credit as well. Thanks Finance Hub!
Absolutely true KDF, thanks for your comment!
I've heard about donating your junk cars before, but I didn't realize the value for the charity. Great information and useful.
Pleasure, glad you learned something Tams!
Good Hub I learned something useful.
Glad to hear that Gusser, thanks for the comment!
Great info here! Voted up and useful, kind regards!
I usually resell my cars. However, donating it to a charity is a great idea. Especially if the car is on it's last legs. I know that my Mom donated their last car and they picked it up and everything, and it was already 15 years old.
montecristo Level 1 Commenter 3 months ago
Good information. I will post it on my facebook. Thanks for sharing!