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Why is My Junk Car Worth Money?

Date Added: January 31, 2011 07:21:02 PM
Author: admin

Category: Texas

The aftermarket for automotive parts is a thriving one. Even if your Junk Car doesn't run, it has parts that can be used on comparable models. Auto salvage yards sell the parts from junk cars to vehicle owners and repair shops at a fraction of the cost of new parts. That's why they're willing to pay you for a Junk Car, even if they have to come tow it away. To sell junk cars for cash search the web or a scrap yard directory like this one.

Charity Car Donation = Big Tax Write Off

Donating your car to charity is both an economically responsible and socially conscious way to get rid of your car, but before you do so, there are some things you should consider:

* Make sure the charity you're considering is a qualified 501 (c)(3) organization, otherwise you may not be able to claim a tax deduction for donating your car.

* Determine the true value of your car by honestly blue booking your car and subtracting repair estimates from the total value. Use common sense when determing the value of your car if you wish to avoid a lengthy auditing process.

* The total deduction cannot exceed 50% of your gross income, which is the total amount of money you've made before taxes.

* Greater values for donated cars mean more paper work:
          o A car donation greater than $250 only needs a slip from the charity acknowledging your donation.

          o A car donation greater than $500 requires that you fill out Section A of the IRS Tax Form 8283.

          o A car donation greater than $5,000 requires Section B of form 8283 to be filled out accompanied by an official appraisal of your car and a signature from a charity official verifying that you did indeed donate your car.

* Laws regarding the transfer of a car's title are different for each state and their respective charities. The charity you're donating your car to should have the applicable laws on hand to help streamline the donation process.

* Check out the IRS's "A Guide to Car Donations" for more info.

* Always make sure to use an environmentally consious recycler.

It is a great feeling to get rid of your old car and either make some money or get the warm feeling of helping someone less fortunate then yourself.  For North American car donations please visit www.CharityCar.us or www.CharityCar.ca