Car Donation for Literacy
Highest Tax Write-off available, when we put your car to use delivering books to the community. Call 301-674-3056 or email: Velocityofbooks@gmail.com
Before you make your car donation, you should know that there may be a significant difference in the deduction you are able to take on your taxes.
1). You may donate a vehicle to another charity, which is likely to be resold. If this is done, you'll only be able to write off the resale value.
2). If the organization you make your car donation to puts your donated car to use, you will be able to get the tax write-off of the full resale value.
Donors may claim a deduction of the vehicle's fair market value under the following circumstances:
The charity makes a significant intervening use of the vehicle, such as using it to deliver meals on wheels.
The charity makes a material improvement to the vehicle, i.e., major repairs that significantly increase its value and not mere painting or cleaning.
The charity donates or sells the vehicle to a needy individual at a significantly below-market price, if the transfer furthers the charitable purpose of helping a poor person in need of a means of transportation.
Car Donation tax guidelines