GET A TAX DEDUCTION
If you have an old car that will end up costing more for repairs compared to its value, South Bend Junk Cars can guide you on how to donate a junk car. You can donate a junk car without title and save money on income taxes. Since the profits generated from selling a donated car are used to fund nonprofit organizations, you will be eligible for a tax deduction. The tax laws also make it easier to determine your car value. South Bend Junk Cars have helped bring charities and donors together for years. All you need to do is call us today and we will help you get maximum benefits for donating your car. We will assist with the junk car removal at no expenses whatsoever. After the car is sold, the proceeds from the sale will be forwarded to a charity of your choice. Once the transaction is complete, you will be issued with a receipt for tax purposes.
To be eligible for these tax benefits, there are also rules that have to be adhered to. For instance, the vehicle has to be donated only to a tax-exempt nonprofit organization that is in the IRS list. At South Bend Junk Cars, we have already done the hard work for you, and you will be issued with a list of all the trusted charities which meet the IRS requirements. You can rest assured that whichever the nonprofit organization you choose from the list, you will be eligible to get tax-deductible donations.
How much can you get by donating your car?
If your used car is sold at a price less than $500, you can claim for the amount equal to the market value which will be up to $500. If the car is sold for more than $500, you can also claim for the same amount that the car was sold for. When the car is sold for a price more than $500, we will mail you a receipt with the exact amount for which the car was sold.
Is there any paperwork required?
Some of the information that the IRS will require you to provide when donating your car for charity include the name of the charity, information concerning your donated car and any information regarding the types of goods or services received which includes their total value. We will also send this information with the receipt we send.
Donate your car today
Donating your car with us is easy and the process is also very straightforward. The first step is to fill out an online form and once the form is approved, we will arrange a pickup time. Your car will then be auctioned based on its value to a parts dealer or used by the charity. You can then wait for two weeks and we will send you a tax-deductible receipt. The main benefits of selling your used car are that you will not only be protecting the environment but will also be able to earn extra cash for junk cars.