Donating your car in Memphis, Tennessee has never been easier! Dozens of great charities like Habitat For Humanity and The YMCA are standing by!
There are so many reasons residents of Memphis should consider donating their used or junk cars to a registered charitable organization. Here are a few of our favorites:
Charities near you aren't the only way to make a difference! Some of the most impactful organizations operate at the national (or international) level.
Among the many reasons to donate a car to charity, here are some of the best:
We all wish we had a ton of time and money to devote to the causes we care about, but this is often not the case. Giving your car to a local or national charitable organization can be a fantastic way to contribute without having to dig directly into your pocket. In fact, they may be doing you a favor by hauling away an old junker too!
Donating your car can be a great way for some people to save at tax time too! Check with your financial advisor to ensure eligibility, but deductions of hundreds or thousands of dollars could definitely leave a smile on your face come tax season!
Got an old clunker that's just taking up space in a driveway or garage? No problem! Most charities will happily accept vehicles that aren't running and have them picked up at no cost to you! It's a headache free way to rid yourself of a problem and put some cash in the pocket of a worthy charity.
Many donation programs local to Memphis and Nationally will happily accept other types of vehicles like motorcycles, RVs, Boats, 4x4s, and more! If you've got a vehicle you need to get rid of, this is always an option worth investigating!
You should always consult your legal and financial professionals prior to donating a car in Tennessee to make ensure you're eligible for tax deductions, etc. Here are some common things to keep in mind and consult with them about:
To be eligible for tax deductions on your federal returns, you typically need to itemize your deductions. Recent changes to the federal tax code give a larger standard deduction, so fewer people are itemizing these days. Check with your tax preparer to see if you'll be eligible or not. You can also consult with them about any benefits if you file State taxes.
Only donations to a registered 501(c)(3) are eligible for the tax benefits you're expecting. Be sure to carefully research the organization prior to donating to ensure they fall into this category. You should also verify that the charity has a good overall grade, to make sure that most of your contribution will go towards the cause you've selected.
Knowing what to expect if you are eligible for the deduction is another thing to keep in mind. Just because the fair market price for your vehicle is $2000, doesn't necessarily mean you can deduct that much. If they wind up selling the vehicle for less than market value (as is common), you'll only be eligible to deduct that amount. Once again, consult your registered tax professional prior to any action on your part.
Another thing to be careful about is the paperwork for the transfer of the vehicle. If the charity asks you to leave the assignment of ownership space on the charity donation papers blank, refuse and consider finding another organization. If they fail to transfer the title, you'll remain liable for any parking tickets, or other subsequent problems with the vehicle. Be sure to consult your legal advisor, prior to any donation to ensure you're covered!