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Top 5 Charities to Donate a Car in NY and NYC 1. Charity Cars Remember that most of the car donation programs will sell your vehicle at auction to obtain money to make a positive impact; but how much money will go to the cause you want to contribute to? The truth is most charities pay middlemen to manage the selling of the vehicles they collect. But obviously, you as a donor want to benefit the most, the cause you are most concerned with – and maybe at the same time obtain a worthy tax deduction. Charity Cars , is a registered 501(C)(3) non-profit that has received the recognition from reputable figures such as Oprah and is one of the best places for car donations in NY, to make a positive impact in its fullest extent and to obtain the best tax deduction possible. They connect donors such as you, with families across the United States that are currently struggling, such as victims of natural disasters, and need a vehicle for their transportation and to overcome their act...

Donating a Car to Charity It's easy to donate a car to charity if all you want to do is get rid of it. Simply call a charity that accepts old vehicles and it will tow your heap away. But if you want to maximize your tax benefits, it's more complicated. Here's a walk-through of some of the considerations, with the usual proviso that you should discuss these issues with your tax preparer before you act. You Must Itemize Your Return If you want to claim a car donation to reduce your federal income taxes, you must itemize deductions. You could itemize even if the donated auto is your only deduction, but that's usually not the best choice. Here's the math: Suppose you're in the 28 percent tax bracket and the allowable deduction for the vehicle's donation is $1,000. That will save you $280 in taxes. If you're in the 15 percent tax bracket and you get that same $1,000 deduction, it will reduce your taxes by $150. If the car donation is your only dedu...

How Do Tax Deductions Work When Donating a Car? Donating your car to charity can result in significant tax savings if you include it in your charitable contribution deduction. However, doing a little planning will ensure that you maximize the tax savings of your donation. The Internal Revenue Service (IRS) requires you to calculate your deduction in one of two ways, depending on how the charity uses your donation. Deductions for cars the charity sells are limited to the sales price. In all other cases, you can use the car's fair market value. Step 1: Find out how much the charity sold the car for Use the price the charity obtains for your car in a sale as the amount of your deduction. For example, if the charity sells the car at auction for $3,000, your deduction is limited to $3,000, even if the fair market value is $4,500. However, if the charity sells the car at a discount to a needy individual or keeps the car for its own internal use, then you can claim a dedu...