Tax Deduction Information About Your Car Donation
When you choose to make a
California vehicle Donation to benefit our
Teddy Bear Cops Program, you can feel great in knowing that your donation will go towards a good
cause. But you too can benefit from your car donation with an official
tax deduction receipt. After your vehicle donation is picked up, we will
send you an official tax deduction receipt, which you can use for that tax year.
How much can you deduct?
Thanks to recent tax law changes, it is now easier than ever to determine
the value of your vehicle. When making a vehicle donation to us, you can
deduct the full price we receive for the sale of your vehicle. This greatly
simplifies the process for you in several ways.
If your vehicle sells for more than $500, you can:
- Know the exact amount you may deduct, eliminating guesswork. This means
you will not have to research and estimate the fair market value of your vehicle.
- Deduct the selling price of your vehicle as its fair market value when
filing your tax return. This eliminates the risk of getting into trouble
by overestimating the value of your deduction.
What if your car sells for $500 or less at auction? In these cases, you
can deduct what you determine as the fair market value of your vehicle
or the amount the vehicle sold for at auction---whichever is less-as long
as that figure is less than $500.00. As with any tax matter, it is always
advisable that you consult with your accountant or tax preparer for more
information about your tax deductions.
Vehicle Disposal Recycling Center: Home of the Fastest Towing Services
in the Country
At Vehicle Disposal Recycling Center, we proudly accept a wide range of
vehicle donations from donors all over the nation. Whether you wish to
donate your car, motorcycle, or even boat, we can help you arrange for
pickup, wherever you live for the fastest towing service available. All
you have to do is fill out our
car donation form and we will guide you through the rest of the process. If you are not
eligible for a tax deduction, you can still donate your vehicle though our
recycling program and enjoy other benefits, such as vacation packages and coupons.
For more information about your possible tax deduction, please