Donating Your Motorcycle to Charity

If Santa left shiny new bike under the tree this year, or if you are taking advantage of some great sales going on right now, you May want to think about the benefits of donating your old motorcycle to charity.

Benefits of organ donation cycles:

-. Your donation is tax deductible if you itemize your deductions

-. No need to invest time and money advertising your sales cycle

- A quick and easy way to get the cycle out of the garage. Often, love and even pick up.

- a great way to sell a cycle that needs mechanical work. Some charities can sell cycle for parts or repair for greater resale value.

- a chance to restore good reason -. Especially during the holidays

But donations can not be right for everyone. If your primary reason for wanting to donate their bikes to get the most money you can, donations can be your answer. The tax laws changed in 2007, so you have to deduct "fair market value" as opposed to "some suggested price." The fair market value, according to the IRS, is the price which property would change hands between a willing buyer and willing seller, neither having to buy or sell and both having reasonable knowledge of all relevant facts. "Good resource to determine the fair market value of the Kelly Blue Book and Edmunds.

maximize your tax benefits

to get the maximum benefit of the tax, make sure you choose a charitable organization, where the cycle will be used "in direct strengthening of the organization for charitable purposes." The organization should use the funds for your business or to donate itself to those who need it. In this way, you can deduct the full market value of your vehicle. You also need to make sure a charity is one that qualifies for the IRS to receive tax deductible contributions, such as churches, government agencies, nonprofit schools and hospitals, as well as organizations such as the Salvation Army or Red Cross.

Check with your local tax professional about how tax laws apply to you and what are the tax forms the government zahtijeva.Dobrotvorne organization that you are donating can often answer many of your tax questions too.

Where to donate your motorcycle

Some organizations have found accepted motorcycles for donation include: Rawhide, Habitat for Humanity and Cars 4 children. It is worth checking whether the organization meets the requirements for the "maximum tax benefits." Cars 4 children, and even offers a free vacation voucher with a donation. Approximately 2-4 weeks after you donate your cycle, you will receive a voucher for a 2-night 3-day hotel stay at one of more than 80 resort areas across North America.

Before you select an organization, make sure that service your area. Most of them will pick up your car right in your home - whether it's running or not. Make sure that the cost of towing, or if that will be deducted from the value,. Most of the time is free

preparation for the donation cycle

Clean up your engine and put it in the best working condition as you can. Are the title easily accessible as you will need it signed before the transfer to charity. Are all sets of keys together and remove the license plate. Make sure you have properly completed the paperwork that the organization requires.

If you want to take advantage of tax benefits in 2008, donated his bike up to 31 prosinca.Motor should be raised to 31 December, you just need to have a love for the forms completed by then. And do not forget, some donations require a professional assessment, so you need plenty of time to schedule that.

is not enough time to seek donations in 2008? Start the process now and reap the tax benefits in 2009!