The western state of Utah is high on the list of the most generous states in the United States. The residents in this state donate around 6.6% of their earnings to charitable causes. As per a report from 2015, there were about 8200 registered non-profit organizations in Utah. From cash to car, you can make a donation in any form to the charities run by these organizations.
Vital Things to Know About Car Donations in Utah
If you’re done with your old set of wheels, what can be better than donating it to a reputable charity? Car donations in Utah are an excellent way to save your taxes as well as offer your used vehicle to a gentle cause. Here are some facts to understand before you donate your car:
Choosing the Right Charity is Important
When you set out to give away your clunker, proceed with caution because there are some fraudulent charities. Make sure that you go to an official and reputable one. See if the organization is covered by 501 (c) (3). It means donations collected by the organization are tax-deductible and genuine.
You can select any cause for donating your car. It can be for supporting the homeless or helping people suffering from kidney failure to get appropriate treatment. Also, check the rating of the charity to know if they are efficient in supporting the cause for which they collect donations.
Utah Donates More Than Other States
The people in Utah are extremely hospitable and have a high inclination to religious participation. Both these factors are cited as reasons for more charities in the state. The Utahans not only give money for charity but also volunteer for social causes as much as they can.
Hence, the state ranks second in the entire country for donating their discretionary income and assets like the car to various charities. Car donations in Utah are also at an all-time high with more drivers turning their vehicles for better causes than junking.
Tax Benefits of Car Donations
Although tax deduction isn’t the only reason for car donations in Utah, it’s a big bonus for those who do. If you donate your car to a non-profit organization qualified as 501 (c) (3), your donation gets itemized on IRS 1040 for tax deductions.
The standard deductions for individuals are $12,200, while married couples get up to $24,400 as a standard deduction on car donation. People owning a house valued anywhere around $339,000 in Utah pay more in terms of interest. Since the property values are also rising here, it makes sense for such owners to donate their cars directly or through a church.
Calculate the Fair Market Value of the Car
When it comes to calculating the value of your car for donations and tax deductions, the experts recommend using its fair market value for the same. They recommend using FMV when the charity intends to keep your car and use it for the causes it supports.
Also, if the charity makes improvements to the car before selling it off or your car is valued at less than $500, FMV is a better idea to determine the amount of deduction.
These are some essential pointers to keep in mind when you decide to donate your car in Utah.
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