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when i pick up my new car at the dealer i will donate my old car to Cars 4 Kids and get a tax receipt. Will Cars 4 Kids ask about how old the parts are? would the value of the car increase on the tax receipt if they found that it has new brakes, brake lines, battery, muffler and cat converter? should i bring the receipts along? or does it not work this way?
Additionally, Charity Navigator, the best site for evaluating charities, has posted a Donor Alert regarding k4K and the fact that K4K's business records have been subpoenaed by the NY Attorney General's Office in connection with an investigation into their practices.
Last edited by Retriever; 12-23-2011 at 03:36 PM..
Additionally, Charity Navigator, the best site for evaluating charities, has posted a Donor Alert regarding k4K and the fact that K4K's business records have been subpoenaed by the NY Attorney General's Office in connection with an investigation into their practices.
I'd also rather drive my car into a lake than give it to these people if it means I have to hear more of their "One eight seven seven cars for kids!" songs on the radio. Jesus Christ that's the most annoying jingle ever.
There are plenty of charities that will take a car donation. The Salvation Army is one, Leukemia and Lymphoma Society is another that I have donated them to. There are probably many more. Even churches and small charities can often arrange for an intermediary 'agent' to do pickup and sale etc. for the charity, charging a fee.
The value was determined by some book value (Kelly retail?), adjusted for mileage, condition, etc. I don't recall exactly how this was done. The charity (or their 'agent') will probably gladly explain generally how value is determined and maybe give an estimate based on your description. The actual value you get may depend on the actual condition when the car is picked up and delivered to final destination such as scrap yard, used car dealer, etc.
Many charities that do this can be found by online search.
It is my impression (rightly or wrongly) that charitable organizations that accept old cars as donations simply tow them to junk yards and get the fifty bucks for them. Unless the car is in unusually good condition and can be repaired and resold as a used car.
For this reason, when I have a used-up car, I put the word out that it will be given to anyone who needs a car as is, or can get it fixed without paying the going shop labor rate.
There are people pretty desperate for something that runs, and I'd rather give it to them, than to a junk yard. I don't have any taxable income, so the tax receipt is worthless to me.
Rules changed in 2005 for tax deductions and cars.
So in 2005, the IRS changed the rule. From then on, if your car is valued at more than $500, the deduction is limited to the charity's actual selling price. The donor must attach a statement of sale to the tax return in order to receive the deduction. (The charity is obligated to provide the statement within 30 days.) You are not entitled to know the deduction amount before donating your car.
I wouldn't do it. I read in various charities' info/website/pamphlet that they will give you an assessed value of UP TO 500 bucks. BFD. A deduction on $500 bucks? Who needs that? Even at the highest tax bracket, that saves you only a few dollars.
You could make more money selling the car or parting it out.
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