Why Choose Good Neighbor Garage?
Choose the right nonprofit
We know that other charities are out there and are obviously more than willing to accept your car donation. So why go with Good Neighbor Garage? Well, for starters- Here’s what the IRS has to say about car donation and how to make it work best for you.
- Make sure that the organization you are donating to is a qualified organization. Otherwise your car will not be tax deductible. Good Neighbor Garage is a 501(c)(3) business. This automatically certifies us as a qualified organization recognized by the IRS as a charitable entity. To verify that an organization is a charity qualified to receive tax-deductible contributions, see IRS Publication 78, Cumulative List of Organizations.
- Deduct contributions to charity by itemizing deductions on your Schedule A of Form 1040.
- Your deduction cannot exceed 50% of your adjusted gross income.
- The maximum you can deduct on your income tax return is the fair market value of the car as it stands from a current buyer/seller significance.
- For Record keeping and Filing Requirements, Good Neighbor Garage provides:
- A contemporaneous written acknowledgement if the total deduction of the car you are donating is $250 or more
- A statement that no goods or services were provided by us in return for the contribution
- Acknowledgement of the contribution prior to your filing date in either paper or electronic form for you to retain for your records to substantiate your contribution.
- Valued donations of over $500 may require you to file an additional form with the IRS with your form 1040 with a Section A of Form 8283.
- If your deduction claim is over $5000, you will complete Section B of Form 8283 which will need to include a signature of an authorized official of Good Neighbor Garage. A written appraisal of your car by a qualified appraiser is required at this level and must be made no more than 60 days before your contribution.
- The IRS can answer any further tax questions and can provide you with tax forms and other reading materials for further assistance. www.irs.gov or 800-829-3676
Good Neighbor Garage is federally compliant and is eager to not only make your contribution a blessing to a neighbor in need, but also a benefit to you! Call us today and let us help you get the process started! 720-941-5897