I have been wandering for sometime what it really mean? I mean the term "Car Donation". Not because i don't actually know the meaning of the word car and then the meaning of donation. But due to academic exercise i have decided to start up this blog that will basically talk about Car Donation and other related issues to this topic.
Wikipedia defines Car Donation as the practice of giving away no-longer wanted automobiles or other vehicles to charitable organizations. It went on to say that in the United States, these donations-i mean car donations can provide tax benefit and have become very popular.
From the definition from Wikipedia you will easily notice one important factor, that this act of giving out cars freely has been able to provide to the donor tax benefit. Again, some critics have gone to say that car donations are essentially a tax shelter. Could this be true? Then read this: report from wikipedia has it that in 2000, 733,000 United States tax payers reduced their taxes by $654 million. That is a huge sum to can bet me right!
However, there are some conditions attached in this act of car donation before the donor can qualify for tax deduction. Many of these charities even had statrted running donation program. Some of the charities go ahead and sell these cars themselves since they have succeeded in establishing car lots which sell the donated cars.
I think this is quite interesting you must agree with me. Maybe next time when you want to make a change of car, you will consider making a car donation to charities and subsequently get yourselve some tax reduction.
What do you think about this? Who doesn't want some sort of tax reduction especially a legitimate one like this. Okay, just let me know what you feel about this by dropping your comment below.
