Car Angel : Charity through donation

This post is a must read for all those who value information and also for those who have the willingness to contribute something to the society. I was able to buy used boats which are better than the ones that I have and I want to see if I could join those boat donations group so I could give to charity. I told my friend about it and he told me some tips. He said that I should know when I can report the fair market value. He said I won’t need evidence of the sales price if the charity keeps the vehicle or vessel and uses it in its charitable work, or if my donation is worth less than $500. Then I can report its fair market value based on listings from Kelley Blue Book and similar sources. He also said that I should keep a thorough paper trail. If my donation is worth more than $500, I will have to attach IRS Form for my tax return. If it’s worth more than $5,000, my documentation must include an outside appraisal. I’ll also need proof of the donation, such as a receipt from the charity and a copy of the title change. Lastly, he told me to be detail-oriented. This paper trail may seem cumbersome, but think about it… This may be one of the biggest charitable donations that I’ll ever make. By taking the time to dot I’s, I can make sure that the charity gets the most benefit and I get the biggest possible deduction. Upon my search, I was able to find some car donations organizations as well. Maybe if I get to buy some new ones, I’ll give them my car as well.