What should I do with this money?
I should add that I am not looking to buy a house since I still wouldn’t be able to afford it in the area where I live. I could possibly put down some funds on a house and flip the property but that costs a lot of money to do.
I am almost 30 so I am still sort of young!
Thanks ! Keep the advice coming. I appreciate all answers. I did consider keeping my car payment open. I know 0K isn’t much but it’s a sizeable amount to do something with.

Best answer:

Answer by itilian_2
2 words..merly lench!!!! i have almost tripped my inital start account..which was right around to where u are…

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Car Donation Q&A: How Would You Invest if You Were About to Come Into Over $100,000? What Are Some Surefire Ways? is a post from: How To Donate A Car To Charity

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An Emphasis

To emphasize how a car is of such importance, hear this: even junk and non running cars are accepted as donations. The cars may be repaired or restored, sold into auction or used by the institution it was donated into. You know how some peoples’ trash are others’ treasure? Well this is the case where it is literal.

An Encouragement

Think about it, holding on to things that is of no use is utter depravity. Some people horde, imagine a car under those pile of junk! Wouldn’t it be good, if you could get rid of that one thing that may give you more space, feel good about yourself, and get a tax break?

In this time of economic downturn helping people while helping yourself is a win win situation. The information of going about it is the most important factor.

An Initiation

Most Americans have access to the internet, so go online and type in car donation. Read up, and evaluate your newly acquired knowledge. Sounds easy right? However, before committing yourself to a charity that looks and sounds great, look around and do your research. There are companies that look like a charity but are actually a mediator, and there are even those that pose as charities when in fact they are not. The easiest way of looking for the right charity is to visit a local charitable institution. Conduct an interview with their officer, do not hesitate to ask questions, after all you want your donation to not only help you but others as well.

Not only is the charity’s intent important, but also its service towards you “the donor”. To be able to claim tax write offs, you have to work hand in hand with the charity because the IRS have now set stringent rules governing car donations.

Goals For You and For All

After going round the local charities, take time to sit and think about your agenda. Where do you want your car donation to be used? What are the organizations goals? Does it coincide with yours? These questions are important if it is difficult for you to let go of the vehicle you are donating.

The IRS

The clincher always seems to be the tax deduction, so here’s a gist of the IRS’ new conditions. To avail of the tax break the charity must issue an acknowledgement certificate of donation containing the charity’s name and address, the make and model of your car, its present condition, and a fair appraisal amount of the car’s worth. Additionally, they must also state that no goods or services were made in repayment for the car so it can qualify as a donation. The IRS allows a deduction of not more than 50% of your gross deductible amount.  The write off will be based on the car’s market value, or the amount in which the charity got for the car.

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Car Donation Fever is a post from: How To Donate A Car To Charity

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Best answer:

Answer by victor 7707
About 10 percent would be considered okay

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What The Charity Does

A lot of people wonder how charities use the donated vehicles. Actually most charities, like the American Red Cross has their own used car lots. Others auction the automobiles to the highest bidder and then some simply use the cars in carrying out their mission.

To Use Or Not To Use

No, charitable institutions do not simply toss coins to decide whether an appropriated car should be utilized for implementing programs or sold at a certain price or to the highest bidder. What they do is classify the vehicles into certain programs that it may be of great advantage to.

Let’s take for example Charity O: Charity O has 5 programs, the first: meals on wheels, second: aiding people gain employment, and third: an educational fund. The first thing a charity does is to evaluate the running and physical condition of a Car. If it still works well then they can maybe use at a delivery car, or lease it to a person needing a vehicle to work or school.

Charity Preparation

Most charities, especially those listed on the IRS publication 78 depends solely on car donations and other contributions in order to perform good will, hence they make it easy for people to donate their vehicles. The institutions always have IRS forms on file together with their donation forms.

Furthermore, it is also the philanthropic organization’s duty to provide the documents needed for the donor to claim tax deduction. These documents depend on how the car donation was put into use. If the car was assigned to an agenda, the charity will give you a tax voucher that clearly states the value of the car. The tax write off will be based on the car’s fair value that may be found on the Kelly blue book price listing of automobiles fair market values.

The charity also has to provide a paper acknowledging your appropriation. The instrument has to contain the details of the benefaction like, an honest estimate of the cost of your car, an assertion that the charity did not repay you anything in any manner or that if they did do something the deed consisted of intangible things like religious counsel or etc. All these have to reach you within 30 days of donation or else you cannot claim the tax subtraction.

Why Wait Donate!

There are those who hesitate when it comes to donating a car. After all, a car donation entails certain responsibilities like proper documentation and what not. But the important thing here is that you are helping someone while making it worthwhile for you because you reap not only financial benefits but spiritual and emotional as well.

A word to the wise, now that you have a glimpse of what a charity goes through to raise funds and even accept car donations, try and make it worth their while. If you can, deliver your car donation. This act helps a charity save a small yet significant amount of money by not having to pay a tow truck or driver to pick up your car. Not only that, you may also establish a long lasting relationship with the charity workers and you might even become one someday.

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A Different Perspective on a Car Donation is a post from: How To Donate A Car To Charity

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Best answer:

Answer by jmpainting1@sbcglobal.net
www.marinerschurch.org
good luck

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Best answer:

Answer by jseah114
You will get a deduction as a charitable contribution for the fair market value of the car, or how much the charity sells the car for.

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Best answer:

Answer by Addie N
WORLD vision thats the one our church supports the most… do you do the 30 hour famine?

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The Truth Of The Matter

The truth of the matter is, donating a used car is not as easy as they say it is. Aside from differing state regulations, the IRS has set sanctions on car donations due to rampant fraud. For example: the state of California requires a donor to fill up a liability release form, while Maryland asks for the “Maryland Notice of Security Interest Filing”. One thing in common for all states though, is that they all require the Car Title as a prerequisite for contribution.

Finding A Qualified Charity

The most important part of giving away your car for a good cause is to look for the right charity. Finding an institution with the same agenda as yours is akin to interviewing an applicant for a certain position. The pivotal move is to ask questions. Some charities have a number of programs and may be flexible in assigning your donation to a certain goal in which you and the charity officer agree on. Unfortunately, there are some who have a specific set of purpose.

To qualify for write offs, the donation must be made to an IRS qualified charities or the following: religious organizations; state, federal, and government institutions (as long as the car donation is for public use); Non-profit hospitals and schools; Red Cross, Good Will, Meals on Wheels, Care, Salvation Army, and the Girls’ and Boy Scouts of America; and those listed in the IRS’ publication 78. A donation is not tax deductible when it is made to an individual.

Preparing For The IRS

A car title is a strict requirement for donating a car. Prepare the 1040 form and fill up schedule A. The amount of deduction is limited to 50% of the already adjusted gross amount of your income. The write off is based on the cost at which the charity sold your car (if more $500), or the fair market value if the car is less than $500.

Do not forget to take note of the location at which you donated your car, the charity and its address, the condition of your car, and the contemporaneous written acknowledgement of your contribution. All these, are needed for you to avail of the tax deduction. You have to submit all of these requirements at an IRS Specified deadline or else you cannot get a write off.

It is important to keep a second copy for your file, just in case. The great thing about all this is that the IRS actually has a number of hotlines ready to answer any questions you may have. Aside from that, an online list of charitable institutions, rules and regulations, and guidelines on how to determine the amount of your deductible are also available.

Doing Good And Profiting

No good deed goes unpaid. In this case not only do you help others, you also help yourself. Don’t be deterred by all the requirements for car donation, rules and regulations are there to benefit you. After all would you want unscrupulous people using donation to meet dishonest ends?

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Best answer:

Answer by Glenn
Look forward to this being deleted.

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