Have you ever considered donating your vehicle but weren’t sure about the benefits? Donating your car not only provides you with a valuable tax write-off but also plays a crucial role in supporting community members who need reliable transportation. Here’s how donating your vehicle can make a significant impact:
1. Tax Write-Off Benefits
When you donate your car to a qualified charitable organization like Tri-CAP, you can enjoy a valuable tax deduction. The IRS allows you to deduct the fair market value of your vehicle, or the sale price if the vehicle is sold by the charity, from your taxable income. This can lead to substantial savings on your tax return.
Here’s a simplified overview of the tax benefits:
· Fair Market Value: If the charity uses the vehicle for its operations, you can often deduct its fair market value.
· Sale Price: If the charity sells the vehicle, you can usually deduct the sale price from your taxes.
Always ensure to get a receipt for your donation and consult a tax professional for personalized advice.
2. Supporting Community Transportation Needs
Your donated vehicle helps fund Tri-CAP’s D.R.I.V.E. Program, which provides low-cost vehicles to income-eligible residents in Benton, Sherburne, and Stearns counties. This program is essential for many who need reliable transportation to reach:
· Work: Reliable transportation is key to maintaining employment and achieving financial stability.
· School: Students and parents benefit from dependable transportation to attend classes and school activities.
· Important Appointments: Access to a vehicle ensures that individuals can attend medical appointments and other critical engagements.
By donating your car, you directly contribute to improving the lives of community members who might otherwise struggle with transportation issues.
How to Donate Your Vehicle Donating your car to Tri-CAP is easy. You can start the process online through our donation form, or if you prefer speaking with someone, call us at 320-251-1612 or 888-765-5597, Option 5.
Your donation helps sustain our D.R.I.V.E. program and ensures that those in need have access to the transportation they require to improve their lives.
Make a difference today—donate your vehicle and enjoy the benefits of a tax deduction while supporting a great cause.
