Check out the potential tax savings if you were to donate a 2000 Honda Civic to C4H
Most Car Donation Programs
will sell your Civic at auction for $1,900=your tax deduction
will use your Civic for our mission: fair market value $3,300=your tax deduction
Chariots4Hope is an IRS approved 501 C (3) charitable organization which allows all donated vehicles to be tax deductible. More than 99% of U.S. charities use donated cars for revenue only. C4H car donors gain a tax advantage since we award donated vehicles to families in need. Because that’s our mission, IRS regulations allow many C4H donors to claim the full fair market value of their car—the maximum permitted by law.
We have licensed professional mechanics inspect each donation to determine the best approach in securing the greatest value for C4H families, while maximizing the donor’s tax deduction. Our donated cars fall into one of the following categories:
1. Donation Program
These are vehicles we can restore for around $1000 and will provide around 2 years of reliable service.
On average, these vehicles are 12 - 15 years old and have fewer than 150,000 miles; however some cars are outside of this range.
Goal: To repair and detail the car and award it to a qualified low-income family
Tax Deduction: Donors can deduct the vehicle’s fair market value
2. Car Sales Program
A luxury or high valued car that’s in good condition can be expensive to insure, repair, and maintain; therefore, C4H doesn’t provide these vehicles to low-income families.
Goal: To repair and detail these cars and then sell them to the general public. All proceeds support C4H’s mission of providing reliable transportation to families in need.
Tax Deduction: Donors can deduct the selling price of the vehicle which is usually close or equal to the fair market value of the vehicle.
3. Salvage/Auction Sales
A car that needs a major repair (engine, transmission) or one that doesn’t meet our reliability standards and wouldn’t be cost-effective to restore.
Goal: To send these vehicles to one of our auction or salvage partners to achieve the greatest selling price.
Tax Deduction: Donors can deduct the selling price of their vehicle with a minimum deduction of $500.00. On average, vehicles at auction can sell anywhere from 1/3-1/2 of the fair market value of the car.
Please Note: Please consult your tax adviser and review the IRS’s
Bigger Tax Advantage with Chariots4Hope