#Best charities to donate to 2016 for free#

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#Best charities to donate to 2016 for free#

To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. For more details, check out IRS Publication 4303, A Donor’s Guide to Vehicle Donations. Once the charity sells the car, it should send you Form 1098-C confirming the sale date and price. Most charities sell donated vehicles, and your deduction is typically limited to the proceeds received from the sale. The IRS has strict rules for documenting vehicle donations, so you’ll need to get the correct paperwork to claim your write-off. For many taxpayers, that’s a tough hurdle, so you might want to work with your tax advisor to crunch some numbers before you donate, just to see if itemizing will be worth it. Generally your total itemized deductions-including out-of-pocket medical expenses, home mortgage interest, state and local taxes and charitable deductions-need to be greater than the standard deduction available for your filing status. To get a tax benefit from donating your vehicle, you must itemize deductions.

Before donating your car, it’s a good idea to read up on the IRS guidelines for charitable donations to be sure you qualify for the deduction you expect to claim.