Q. Can I still claim fair market Blue Book value?
A.
Charity Motors, Inc. is recognized by the Internal Revenue Service under
Internal Revenue Code Section 501(c)(3) as a charity qualified to receive
tax-deductible contributions. As a donor, you will receive a receipt
stating you are eligible for a tax deduction in the amount of the fair
market value of the vehicle donated. A fair market value deduction is
allowed as Charity Motors' acknowledgement certifies that they intend to
sell the vehicle to a needy individual at a price significantly below fair
market value and that the sale is in direct furtherance of its charitable
purpose of relieving the poor and distressed or the underprivileged who are
in need of a means of transportation. The fair market value deduction
determined by the donor is eligible to be included on the individual's Form
1040, U.S. Individual Income Tax Return, Schedule A - Itemized Deductions
as a charitable contribution. The donor must take into account certain
limitations on charitable contribution deductions. All donors should
consult their tax advisor to discuss their specific tax situation.
Q. Is Charity Motors a tax-deductible
organization?
A. Yes. Charity Motors is
a 501(c)3 organization and has been approved by the IRS to receive donated
items and issue a tax-deductible donation receipt for donated items.
Q. Is Charity Motors licensed?
A. Yes. Since its inception,
Charity Motors has been licensed to solicit and sell donated items.
Q. Does the vehicle title get transferred
out of my name?
A. Yes. Charity Motors is
just one of a few car donation programs that has a dealer's license.
With this license, Charity Motors is able to transfer the title out of
the donor's name in accordance with the state laws.
Q. Do I have to designate from a
certain list of charities?
A. No. You can pick any 501(c)3
organization to receive the proceeds from your donated item. For
example, you could choose a church, private school, human service organization,
civic or cultural organization, medical foundation, etc. Charity
Motors has supported several thousands of different charitable
organizations.
Q. Does Charity Motors take other
items besides vehicles?
A. Yes. We
accept boats, motorcycles, RV's, camper trailers, and in some cases
we will also accept real estate.
|