You have an old unused car in your backyard and thinking of how to get away with that car. Whatever your situation be, you want to get rid of your old car and also on other hand hoping to get some cash out of it. There are several ways to get rid of your car by donating it and also to get some cash out of it.
Donating Your Car for Tax Deductions
- Choose an appropriate charity agency to whom you want to donate car.
- Call the Charity which is appropriate to you, to find out the ways to donate your car.
- Be available when they come to pick up your car.
- Give them keys but not the title to whosoever comes to pick up your car. This may vary from state to state.
- Get a receipt from the person who comes to pick up your car. Make sure that receipt has all necessary details that is charity name, tax id, your name and the date you donate your car. This will help you in purpose of tax deductions.
- At the end of year, file a tax which allows you deduction of tax.
Donating your car for cash to a junkyard
- Gather all the information about your car. It includes the title, your insurance and list of non working part. These information required to tell when you call a junkyard.
- Call at-least five to ten junkyard to know who is providing the best value for your car. Also ask that if they are providing you with free towing service or you have to manage it.
- Pick some of them and see if they pay some higher amount than they provided earlier.
- Accept the highest bid and make sure that there is a legal transfer of your title to the junkyard. And don't forget to take the bill of sale at the point of transfer.
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