Maybe you have an unwanted vehicle in your garage and if you are thinking to get rid of it, then find a better way to do it. I’m talking about making a contribution to charity by donating your car. This great cause also helps you to clear your driveway from the junk. To avoid all types of hassles for your car donation is a solution that can make a lot of people smile.
If you are looking for a perfect place to donate cars, Illinois is one of the best places to do that. Knowing some facts can make the process easier than ever. Let’s have a quick view of them.
For every donation, there are some procedures need to be followed. But there is no complication that you’ll have to face for maintaining these procedures. To clear the conception, here all are described below, step by step.
Selection of qualified charities: Donating a car makes sense when qualified charities are getting the donation. Selecting the perfect charities is the first thing you need to do. They’ll make sure that the donor can get the maximum benefit from the selected charity by the donation. There is a simple trick you have to apply and that is making sure that the charity is registered under section 501 © (3).
Filling up the form: You have to complete the online car donation form providing all the necessary information. If the online process is confusing or difficult for you, then make a call to them. Almost every charity has a toll free hotline to call which is available for 24 hours, 7 days per week.
Towing the car: After completing the initial process a tow company agent, who is hired by the charity, will contact you within 2 business days. He or she will fix an arrangement to get a convenient time that is needed to pick up the vehicle. They will provide you a tax receipt when they come to tow your car.
Selling the car: After receiving the car from you, the charity going to sell the car. Then the amount will go to the charity you select. The most common process is giving the car away to needful people. If the car is not running or became a junk both to the charity and you, then the charity will auction the car to salvage dealer.
Receiving the letter: The benefit directly will go to charity after selling the car. After that, you will get a tax return ready letter from the charity.
In Illinois, there are a few extra facilities you will get from almost every charity. This facility can make you relax and help you to do a hassle-free deal with the charity. They are very much helpful in every aspect to take your car as a donation. They are ready even for free pick-up as well for every type of vehicle. They usually accept every type of vehicle, even it is running or not. Charities can pick up from every location in Illinois including Chicago, Aurora, Joliet, Naperville, Rockford, Peoria, Elgin, Cicero, Springfield, etc.
You will get professional services for every task related to the donation process. After the donation, the charity will provide you maximum benefit, especially for a charitable tax deduction. So, you can surely donate your car to charity in Illinois.
Most of the people donate their car for getting some benefit, especially the tax deduction benefit. If the charity is recognized by the IRS under 501 © (3) then, anyone can claim a tad deduction against a tax deduction. There are two scenarios I can mention to clear the concept.
Vehicle sold at auction: Every charity has some expert who can estimate the price of the donated car and find out the best way to get the price. They research some factors like the model, year, mileage and the local market condition, charities, etc. and try to get the best from the car.
Vehicle sold as scrap or parts: May the donated car is not in running condition. So, getting the best price may not be possible for charities. Even though, charities try to make the price up to $500. If the price level is higher than $500, then you can easily claim a tax deduction for the value of your vehicle. But there is an option for the donor. He or she can determine the fair market value as well.
Your tax adviser also can give the best suggestion to determine the amount of your benefit. Itemizing the deduction is also necessary for these types of donation to make a claim.
There is some paperwork you need to complete for a successful donation. But the most important thing about the donation is the title. Even most of the people do not know about the necessity of the proper paperwork. Almost every charity expects that you have a title to donate a car.
A properly signed title can make you free from some burden. But in the United States of America, the title varies from state to state. So make sure about your state. You can easily check it from the state information page. Here you will find which type of requirement is needed for a title. On the other hand, losing the title also became common. Anyone can apply for a replacement. Getting a replacement for the title is very easy. When the tow company picking up the car, the registered owner needs to sign some documents. So, it will work as an alternative for the title.
Conclusion:- To help your favorite nonprofit organization, donating a car is the best option. It does not only help the helpless people but also give you some financial benefit like a tax deduction. Along with that, the donation makes you free from your old junk car. Turns your useless car into a useful tool to help and support disabled and other veteran programs. It is the best alternative to trading or selling. It’s also considered the quickest and easiest way to make some benefit.