Can I claim a full Fair Market value for my vehicle?
Charity Motors, Inc. is recognized by the Internal Revenue Service (IRS) under Internal Revenue Code Section 501 (c)(3) as a charity qualified to receive tax deductible contributions. As a donor, you’ll receive a receipt stating your eligibility for a tax deduction in the amount of the donated vehicle’s fair market value. Charity Motors® can give you the fair market value deduction because the acknowledgement certifies Charity Motors’® intent to sell the vehicle at a price significantly below fair market value to a needy individual. The sale of the vehicle is in direct furtherance of its charitable purpose of relieving the poor, distressed and/or underprivileged that are in need 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. There are limitations on charitable contribution deductions; therefore, Charity Motors® advises all donors to consult their tax advisor when discussing their specific tax situation.
Is Charity Motors® a tax deductible organization?
Yes. Charity Motors® is a 501(c)(3) organization and is approved by the IRS to receive donated items and to issue a tax deductible donation receipt.
Does the vehicle title get transferred out of my name?
Yes. Charity Motors® is one of the few car donation programs that secures a dealer license. The license allows Charity Motors® to transfer the title out of the donor’s name in accordance with state laws.
Do I have to choose from a selected list of charities?
No. Charity Motors® supports several thousands of different charitable organizations. You can pick any 501 (c)(3) organization to receive the proceeds from your car donation. For example, you could choose a church, private school, human service organization, civic or cultural organization, medical foundation, etc.
Does Charity Motors® take other items besides vehicles?
Yes. Charity Motors® accepts boats, motorcycles, RVs, mobile homes, camper trailers and, in some cases, real estate. Please contact us for more details.
