Stream of Knowledge

Most of us have been there: We have a “junk car" we can't, don't, or  won't  drive anymore, but we're not sure what to do with it. Rather than trying to pawn your car off on someone else for what little amount of “blue book" value it might have, consider the pros and cons of  charity car donation vs. getting cash for your car . Pros of Car Donation When you donate a car to charity, you can: Make a  charitable contribution to your community , or a community in need. Often  take advantage of tax deductions . Generally, the  charity must have a 501(c)(3 ) status or be a religious organization  in order for you to make a tax-deductible car donation. Ask the charity to see such documentation, or use the Internal Revenue Service's (IRS)  EO Select Check  to determine whether the charity has a 501(c)(3) status. Always work with a tax professional when it's time to file your tax deductions. Find ways to  make use of those “other vehicles"