Want to donate your car for tax credit in San Jose? We are here to help walk you through the process. Whether you are looking ahead to the new year and thinking of making a car donation in 2017, or if you already made a donation in 2016 and you are curious how you can go about getting your tax credit, our team can help. Read on to learn more about how to receive tax credit for your car donation.
Remember, donating a car to Catholic Charities of Santa Clara County helps make our work possible. As an organization dedicated to our local community, we take your donation and use it to fund our local programs. Read more about our impact upon the local community here. We take every donation seriously and treat it as an honor to put your donation to work for those in need.
Making The Donation
The first step in gaining a tax write off for car donation is to find where you want to donate your vehicle. Here at Catholic Charities of Santa Clara County, we make car donation a breeze. All you have to do is contact us about the vehicle you wish to donate, and we will handle the rest. We will come pick up your car, RV, truck, or boat from its current location, and within 30 days of selling your vehicle we will provide you with an IRS form 1098-C.
What To Deduct
The IRS form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes will be a document stating the amount of gross proceeds received from the sale of your car. The amount of gross proceeds will be the amount you can use as a tax write off. This document will serve as your tax receipt, or proof of your charitable contribution. It is important to hang on to this document, as it is necessary to have a proof of your donation for taxation purposes.
If your car sold for less than $500, you can deduct $500 or your car’s fair market value, whichever amount is lesser. If you need to read up more on the specific laws regarding tax write offs for car donations, feel free to visit the rules and regulations as outlined by the IRS here.
If you still feel unsure about how to best go about receiving your tax credit for car donation in San Jose, talk to a local accountant. An accountant can walk you through the best way to get the most out of your car donation for tax purposes. At Catholic Charities of Santa Clara County, we will provide you with the necessary paperwork to make the process smoother. Feel free to contact us with any further questions you have as well.
When you donate a car to our organization, you will receive more than just a tax write off. You will also receive the knowledge that your donation is helping change the lives of people living in the local community. Instead of sitting on an old vehicle, donate it to Catholic Charities of Santa Clara County and bring about positive change in your community. Reach out today to learn more about the process or to schedule a vehicle pick up.