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When you are ready to purchase a new vehicle it is best to research the…
Vietnam Veterans Car Donation program benefits the Vietnam Veterans of America, Illinois State Council. Many may wonder what happens with they donate car to this program? Well they get a tax deduction for this donation because the Vietnam Veterans of America, Illinois State Council is a 501(c)(3) organization and has been approved by the IRS to receive donated items and issue a tax deductible donation receipt for the vehicle donations. Not only is the donation tax deductible but you are helping a veteran in their time of need.
Veterans fought for our freedom and now with a simple act of car donations anyone can help a veteran in their time of need. After reading more about this program on their website it has amazed me to see how this process works. You donate a vehicle, it gets towed free of charge and from there will be turned into cash to help veteran families through programs provided by the Vietnam Veterans of America, Illinois State Council.
In order to determine what your tax deduction is for this vehicle you look up the fair market value of your vehicle up to $500 and if the vehicle books for more than $500 you will be able to get a 1098-c IRS form showing the higher selling price that can be claimed as a tax deduction on your tax return at end of year. You get to save money by having a vehicle removed for free while still being able to write it off as a charitable donation at end of year. This type of program is a win win for everyone involved as far as I can see after thoroughly reviewing the website.