August 16, 2021
Veterans are the backbone of our country. There are 19 million veterans living in the United States and many require assistance to transition back to civilian life. Car donation benefits help many veterans by providing funding to organizations such as HonorBound Foundation that are committed to helping veterans in need. Donating a car to charity also helps you get that old car off your hands hassle-free.
Donating vs. Selling
The car donation benefits outweigh the sales benefits. When you choose to donate your car, you eliminate the stressful, long process of putting your vehicle on the market and dealing with paperwork. Donating your vehicle to charity can also be a quicker process, with vehicle pick up in 72 hours.
When you choose to donate your car to charity, the organization handles the paperwork, which means no waiting in long lines at the DMV or dealing with transferring the title.
Another huge benefit to donating is that you can donate your vehicle whether it is running or not. There is no stress over the selling price and the condition of the car. The charity will still accept the vehicle even if it does not run.
Donating Vs. Scrapping
You may be thinking about scrapping your old car if it has a lot of issues not worth fixing, or maybe it doesn’t run at all. Regardless, car donation benefits are more worthwhile than just scrapping your car.
A great benefit of donating vs. scrapping is the free pick up and tow that is offered when you donate to charity. Also, unlike scrapping your old car, you will not have to find a salvage yard and go through the trouble of figuring out how you will get it there.
You may also get more money for your junker when you donate it to charity because there are significant tax benefits for you.
Tax Benefits for Donating Your Car
Vehicle donation is also a tax write-off. Once you donate your car to charity, you will be issued an IRS tax receipt that can be used as a significant tax deduction on your tax return. If
the charity sells your car for $500 or less, you can deduct $500 or your car’s fair market value, whichever is less. If it is sold for more, you can claim the exact amount that the vehicle is sold for.
The process of getting a tax break for your charitable contribution is simple:
Call to set up a donation
Schedule a convenient vehicle pick up time
Once the process is complete (typically five business days), a receipt will be mailed to you.
When filing your return, Form 1098-C or form 8283 may be required depending on the sales price.
Donate to Help Veterans
Many charities need the support of car donations to keep going. When choosing a place to donate your car, consider a foundation that helps veterans. Many veterans have Post-Traumatic Stress Disorder and struggle financially when they return to civilian life.
In some cases, veterans have been injured and need financial assistance to help support their families and their medical bills. As a result, many veterans turn to organizations that will help them in their time of need.
HonorBound is an organization that provides aid to veterans nationwide, and car donations make it possible for this foundation to operate. HonorBound accepts all vehicles, including boats and RVs, in any condition. By donating your vehicle, you are helping the heroes that have served your country.
Because HonorBound is recognized as a 501(c)(3) charity, a donation entitles you to a tax deduction if you itemize your tax return.
HonorBound will make the process of donating your vehicle a breeze, and you know your donation helped struggling veterans and their families. They did their part to protect us, and now you can do yours.
Call (844) 320-5356 to set up your car donation and learn about how car donation benefits Veterans and you.