Are you ready to donate cars in California? If so, good for you! Car donation at many levels is a wonderful decision. First of all, your donation goes to help a great cause. Also, you take your old vehicle or junk car free from your property. You are also recycling an old vehicle, and you have to claim car donation as a tax deduction.
In this post you will find some tips to donate a car in California and you should know about certain requirements that are related to California donations.
1. To donate a car in California, you start by placing an online car donation form or by calling the charity you want to donate to your vehicle. If you want to claim car donation as a tax deduction, then make sure donations are an IRS recognized non-profit organization.
2. Process to receive a tax receipt for your charitable donation may be different. Some charities will email you an initial receipt, while the tow truck will give you the receipt at the time of pick-up to others. This is just an initial receipt and enables you to claim tax deduction up to $ 500. You should check with charity to make sure that when you submit your vehicle donation, then what is the procedure for giving you this receipt?
3. In the State of California, the license plate resides with the vehicle, so they should not be removed prior to pickup.
4. Filing the release of loyalty with the California Department of Motor Vehicles is an important step that you do not want to miss while donating cars. This document frees you from the future obligation, which can be generated for any reason after the donation of the vehicle. The process of filing the Release of Liability in California is that you have to return the pink part of the title or DMV form REG 138 to the local department of your motor department. Alternatively, you can issue your liability online at http://www.dmv.ca.gov.
5. If your vehicle sells for more than $ 500, or if it qualifies for a reasonable market value tax deduction, after the sale of the vehicle, you will receive an extra tax paper. The amount allowed to be deducted on your taxes will vary on a number of factors in which the price sold for the vehicle may be included or the vehicle has been classified as a proper market value car donation.
6. One last point that should be mentioned to us is that if you are planning to claim car donation tax deduction on your 2012 taxes, then you need to make sure that before the December 31, 2012 deadline Donate car well Donation must be right before the midnight of December 31, or at least the pick-up in the work is well, so that you can claim your tax deduction in 2012. Do not wait for the last minute as it can be delayed which may be in your results. Unable to claim donation as deduction for current tax year.
If you have any questions related to deduction of your car, most donations are relatively knowledgeable about the process of processing and paperwork, however, you should consult with the CPA or the accountant for specifics about your particular tax situation.
For additional questions related to donate car in California, you can contact your local DMV or visit the California DMV website for the latest information on specific specific requirements.