Most of the requirements for Virginia car donation are similar to the ones in other states. Donating your motor vehicle is very easy, and does not involve a long process, for those people who want to dispose of their used, old or unwanted cars. In addition, there is an advantage when you donate the cars to charitable organizations, since the fair market value is deducted from your annual taxable income. This goes a long way in reducing your annual tax burden. However, these deductions are subject to the mechanical condition of the vehicle. The condition of the car will determine where to donate it. This is because some organizations only accept cars, which are in good working condition, while others will not mind the state of the car. Knowing the book value of the car is also important, for you to set the price, which will determine the amount of tax deduction you will receive. These prices are easily available through car dealers or going to the internet. Note that it is not only you, who will dictate the value. The organization receiving the donation will also have a blue-book estimator to gauge the ideal price for the car. Secondly, knowing the right pricing or value of the motor vehicle is not enough. You need the motor vehicle's title and recent state inspection paperwork, which you will have to sign over to the organization. You will also have to hand over the manuals for the car, as well as the blue book, which will facilitate the filing of your tax deduction receipt. Lastly, you have to know if you will be the one to drop the motor vehicle to the new owners, or they are the ones to come for it. In cases where the car is not in good working condition, towing services may be needed. Before delivering the car to the new owners, you need to detach the vehicle plates, update the department of motor vehicles about the transfer, and remove the car from your insurance obligations. Vehicles for Change, Inc is a Virginia car donation a community initiative helping to change the lives of low income families in Maryland, Virginia and Washington D.C. (http://www.vehiclesforchange.org)
Related Articles -
Virginia, car, donation,
|