This is based on the Bark Master’s recent personal experience.
Doing something good, like supporting the ASPCA or other organizations, is reward in itself. But sometimes, you can follow your instincts to help an organization and receive a tax deduction without any financial outlay. YAY!
Many of us drive their cars until they are no longer road worthy, the car that is. A new car dealer may roll his eyes and give a small trade in (the discount he was going to give anyway). But if you are looking to buy used and don’t want to sell the clunker privately to someone who might bring his regrets back to your doorstep, have we got a deal for you.
Many organizations accept donations of cars of any vintage and repair. There are umbrella companies that handle all the paperwork, the car’s pick-up and the sale at auction. They forward the monies raised to the organization you specify and provide you with a receipt for that amount for your taxes.
IRS ruling allows a deduction for the Blue Book value of the car if the charity actually uses it. If they choose to sell it at auction, you get a deduction for the amount of the sale, minimum $500.
What has developed is a tiny industry of companies that partner with not-for-profits. They handle all the administration. The 501(c)3 profits and the donor has a substantiated tax deduction.
When the Bark Master’s time came for new wheels this process worked very smoothly. An internet search found that Advanced Remarketing Services handles the administration for the ASPCA, the
organization chosen by the Bark Master. A phone call and a very short form filled out, was all it took.
A few weeks later, the Bark Master received a gracious thank you letter from the ASPCA which will translate to a sweet tax deduction come next April.
It may not be “Cash for Clunkers” but it is a sweet and painless way to help your favorite charity with thanks from Uncle Sam.