Getting a tax deduction for donating a car isn’t the only good reason to donate. Most folks just want to help others in need. But, also getting a tax deduction is still a nice bonus. It’s easy, and you don’t have to be rich to qualify. Donating a car is tax deductible for normal range income individuals.
When you donate to a qualified 501(C)(3)charity like Kidney Kars, you can itemize that donation on your IRS 1040 tax return. The generalized tax receipt will allow you to claim an itemized deduction for up to $499 –BUT if your car donation is sold for more than $500, you get to write off the car’s actual selling price!
In 2019 the standard deduction was doubled to $12,200 for an individual and $24,400 for a married couple. While that means that some people might not itemize their taxes, anyone who owns a house valued around $339K will likely pay more in interest than the standard deduction allows – which means itemizing your taxes and donating a car could save you real $$$. Given how Utah property values have gone through the roof in recent years, there’s a good chance it makes sense for most homeowners. Additionally if you donate money to a church (which a lot of people in Utah do), those contributions make it even more likely that your accountant could recommend itemizing your taxes
Therefore, if you own a modestly priced home, you may want to add as many deductions as you can to reduce your taxable income. Kidney Kars car donations and other charitable contributions, are a great way to lower your taxable income. It’s smart to check with your accountant to know exactly how donating your car will affect your taxes before you donate.
However, even if you don’t itemize your taxes, there’s a lot of great reasons for donating your car to a charity like Kidney Kars:
- You get rid of a car that’s been laying around
- We tow it away in 48 hours or less, so it’s no hassle for you.
- You feel good knowing you really helped people in need, and maybe even save a life.
So don’t think twice about donating your old car to an accredited, highly ranked charity. Just be sure to do your research. Not to brag about how Kidney Kars is local, but we’re going to. Many charities who advertise online, take car donations for charities who are out of state, and the monies raised may not even benefit Utahns. Worse yet, sometimes those bigger charities pay 3rd party businesses to both advertise and manage their car donation. That means less money actually makes it to the charity and the people that really need it. But when you donate a car to Kidney Kars, you can be assured that your donation will benefit Utah kidney patients.
You can always call the Utah State Division of Consumer Protection to ask about the charity you intend to donate to.
So when you have an old car, would like it picked up in 48 hours or less, PLUS get a tax deduction donate to Kidney Kars at www.towKars.org!