How To Get The Most Tax Benefit Out Of Your Vehicle
Donating your car or vehicle to charity can be a great way to get a 2024 federal tax deduction (state income tax deductibility depends on state law), and Wheels For Wishes makes it easy. If you would like to help your local Make-A-Wish® and get the maximum tax deduction, then you're already almost done. It's as simple as filling out the little form to the right or calling 1-855-278-9474. We make the process easy, and you get the most good (and highest tax deduction) for your car. Not only that, but you are also helping a local child's wish come true.
how car donation tax deduction works in Ohio
The information below is intended to provide general information only and is not intended to be tax advice. Tax issues are individual to each donor and change year to year. Please check with your own accountants, advisors and tax preparers with regard to all deductions, tax preparation and tax advice issues.
Prior to January 2005, the IRS was allowing people who donated to a qualified car donation program to take a tax deduction based on their vehicle's market value no matter how much or how little the vehicle sold for. Determining the market value of a donated vehicle is often quite difficult and time-consuming, which made determination of the amount of the tax deduction confusing. Fortunately, as a result of the new tax law that went into effect in January 2005, the IRS has taken the guesswork out of determining the value of your donated car, truck, RV, boat or other vehicle.
The IRS allows taxpayers to claim A charitable tax deduction as follows:
- We make it easy to get the maximum tax deduction for your vehicle donation! Simply filling out the quick form to the right (or call 1-855-278-9474) and we take care of the rest. Your vehicle is picked up, sold, and proceeds benefit your local Make-A-Wish®, but you also get a tax-deductible receipt.
- If the donated vehicle is sold for less than $500, you can claim the fair market value of your vehicle up to $500 or the amount it is sold for if less than fair market value.
- If the donated vehicle sells for more than $500, you can claim the exact amount for which the vehicle is sold.
For any vehicle sold for more than $500, the exact amount it is sold for will be stated on your notification mailed to you, which in turn will be your charitable tax deduction. As always, we help people donate their cars every day, and we would be happy to help you do the same. Feel free to call us at 1-855-278-9474 with any questions you might have and one of our representatives will help you.
Make Sure That You Donate To A Real Charity!
Wheels For Wishes is a 501(c)(3) organization with the IRS, which means that you get a tax right off for donating a car. Car donors can claim a tax deduction of the vehicle's fair market value under these following situations:
- The non-profit charitable organization makes certain use of the car in charitable deeds. This is the category that Wheels For Wishes falls under.
- The charitable organization increases the value of the vehicle significantly through repairs (not just cleaning or painting).
- The charity donates or sells the vehicle to an individual in need for a very low (below market) price for the purpose of helping them with transportation.
We help Make-A-Wish chapters all over our great nation to grant more wishes. Make sure to avoid scam car donation programs that are not a registered 501(c)(3) nonprofit organization. If you donate your car to a car donation program that is not registered as a charity with the IRS your car donation will not be tax deductible.
Why Donate A Car To Wheels For Wishes?
Wheels For Wishes has a great track record for donated vehicles! Trustpilot gives Wheels For Wishes an Excellent rating with over 5,900 reviews and counting. Just check out some of these reviews:
- “Excellent experience. Made the whole donation process a piece of cake. I am very thankful for that since I live nowhere near Memphis where the vehicle was donated.”
- “Smooth sailing from picking up the car to receiving receipt.”
- “This turn around in picking up my car was within 14 hours. They were on the ball and very efficient in sending us our donation receipt in the mail! A very smooth process! Highly recommend!!”
- “This is my family's 3rd donation to this organization and we have had no problems.”
- “Our car donation process was easy and went smoothly. The car was picked up as scheduled and later when the car was sold at auction we received notice on the price it sold at for tax purposes. Great experience.”
With Wheels For Wishes, you’ll be donating a vehicle for tax write-off in no time. So, how much tax credit do you get for donating a car? If you are still confused about just how much of a tax deduction you can receive for donating your vehicle, call us at 1-855-278-9474 for answers to any questions you may have on deductions for car donations.
How Do I Donate A Vehicle For Tax Deduction In Ohio?
- Call 1-855-278-9474 or visit our online donation form.
- Next, we’ll arrange your free tow of almost any vehicle within 24 hours of the next business day.
- Finally, when the car donation process is complete, we’ll mail you your tax-deductible receipt.
If your car is brand new, broken down, old, or just plain junky you can still receive a tax deduction when you donate your vehicle to Wheels For Wishes. To the “wish kids” of the Make-A-Wish Foundation, your car donation gives them a break from routine medical treatment and a life-changing experience that they can cherish for the rest of their lives.
Maximize your tax deduction today by starting your online car donation form and make a difference in a child’s life. It will take less than a minute to fill out the donation form and a representative will get in touch with you in less than 24 hours of finishing the form.