Some of the vehicles damaged in Hurricane Sandy ranged in age and type from new to old, and high end to low end. Many different neighborhoods along the shore were affected. There were also neighborhoods inland that happened to be along rivers and bays that flooded. In addition to flood damage there was also significant damage from falling objects like trees and debris.
Whether insured or uninsured, many vehicles damaged by Sandy wound up at auto auctions as the first step in the recycling process. Depending on the extent of damages and the winning bid several outcomes are possible. The vehicle may be reconditioned and offered for sale, exported to a foreign country, dismantled for parts or processed for scrap metal value. the vehicles are sold “as is” at the auction to the highest bidder. The vehicles have varying levels of damage.
1996 Nissan Sentra, damaged by Sandy, generously donated to the U.S. Fund for UNICEF
Besides cars and trucks, many other vehicle types were victims. The Boat Owners Association of the United States (BoatUS) estimates that 65,000 recreational boats, both insured and uninsured, were damaged or lost in Sandy at an estimated dollar loss of $650 million. That made Sandy the single largest disaster for recreational boats on record.
For more information on donating your Hurricane Sandy car, check out our blog post on Hurricane Sandy Damaged Cars.
For more information on donating a boat to charity, visit our boat donation page.
With the 2012 filing deadline today, we thought it might be helpful to describe how car donations and tax deductions work to your benefit.
For questions not answered here, please feel free to call us at: 877-957-2277.
If you donated a car in 2012 to a charity featured on Car Donation Wizard, such as: Habitat for Humanity, Car Talk, NPR, U.S. Fund for UNICEF, American Cancer Society or any of our other great partners, you were provided with a tax deductible receipt listing the gross selling price for your vehicle. Any 501(c)(3) charity (re: reputable charity), will provide you with a tax deducible receipt for your donation. Based on tax laws, the IRS states that you are eligible to deduct the fair market value of your donated vehicle.
It’s good practice to always consult a tax adviser or the IRS for more information about how you can claim charitable deductions for your vehicle donation. The IRS can answer your tax questions and can provide tax forms, publications, and other reading materials for further assistance. IRS materials are accessible through the Internet at www.irs.gov, through telephone ordering at (800) 829-3676, and at IRS walk-in offices in many areas across the country.
Tax Related Car Donation Help Links
If you have additional question about deductions and IRS Regulations the following links may be of assistance:
IRS Publication 4303, A Donor’s Guide to Car Donations (PDF)
Publication 526, Charitable Contributions (PDF)
Publication 561, Determining the Value of Donated Property (PDF)
Form 8283 Non cash Charitable Contributions (PDF)
Instructions for Form 8283, Non cash Charitable Contributions (PDF)
As the fighting in Syria rages, many children have been cut off from a vital necessity: clean water.
The conflict has shut down treatment facilities, leaving millions with limited access to clean drinking water and basic hygiene. Diarrhea and other waterborne diseases are on the rise – and children are especially at risk.
UNICEF is helping those children through a large-scale water treatment operation that was kicked off in Syria last month. Trucks began transporting 264,000 gallons of chlorine to cities and communities across the country. In total, UNICEF plans to treat enough water to provide safe drinking water to 10 million people – nearly half the country’s population.
Help bring us closer to the day when ZERO children are deprived of clean water. Support the UNICEF Tap Project in March – World Water Month. And thank you, for all that you do.
> Read about UNICEF’s latest clean water efforts in Syria, and how you can help
> Donate a car to the U.S. Fund for UNICEF
Vets Vehicles is an IRS recognized 501(c)(3) nonprofit that uses the power of vehicle donation to aid in their mission to support the nation’s best veterans organizations.
Vehicle donation is a great way for nonprofits to increase their fundraising, but the sad fact is that most vehicle donation providers keep most of the funds to pay themselves. We’ve found that some of the nation’s best known vehicle donation providers are returning less than 40% of a vehicles sale price to the nonprofits they serve. Some try to hide this fact with complicated charts and graphs. But a closer look at their IRS filings reveals otherwise.
That’s why Vets Vehicles was started in 2011. They’ve partnered with the nation’s most trusted and efficient vehicle donation service provider, selling vehicles for the highest prices and returning the highest percentage of proceeds to charities. A higher selling price for your vehicle means more money to veterans organizations and a bigger tax deduction for you.
The money raised from donated vehicles goes only to help veterans organizations. We never allocate money to other causes that you can’t see. If you want your donated vehicle to help veterans, Vets Vehicles is the best donation option you will find.
Start your car donation now online, by clicking the button below, or call: 877-957-2277 today!
2001 Cadillac Seville, from Anchorage, AK.
2000 Toyota Rav4 from Boston, MA
Car Donation Wizard wants donors to know that donating a car to a nonprofit organization not only helps that organization fund worthwhile research and humanitarian efforts, but you also may be eligible to claim a tax deduction for your charitable contribution.
Here are some car donation tax deduction tips we’ve put together:
- Make sure the nonprofit is eligible to receive tax deductible contributions. Organizations such as 501(c)(3) qualified nonprofits are able to give you a tax receipt for your vehicle donation. Visit IRS.gov to search for registered charities. Car Donation Wizard only works with esteemed, 501(c)(3) non-profit organizations.
- Ask if you will get a formal tax receipt from the charity for your car donation. If the total deduction you are claiming for a donated car is $250 or more, you need paper proof of your donation. Car Donation Wizard mails a tax receipt for your records following the sale of your vehicle.
- Know that despite what you might find on Kelly Blue Book, the IRS will only allow a deduction for the fair market value of the car. This can be found on the tax receipt mailed to you from Car Donation Wizard.
- If your car is worth more than $500, you, the donor, must complete Section A of IRS Form 8283 and attach it to your yearly tax return.
- If your car is worth $5,000 or more, an independent appraisal is necessary. You must also fill out Section B of IRS Form 8283. You may consider taking pictures of the car and saving receipts for new tires or other upgrades to verify its value.
- As a safety, consult your tax adviser or the IRS for more information about how you can claim charitable deductions. The IRS can answer your tax questions and can provide tax forms, publications, and other reading materials for further assistance. IRS materials are accessible through the Internet at www.irs.gov and at IRS walk-in offices in many areas across the country.