Get a “FULL FAIR MARKET VALUE” tax deduction and help your community!
The Clifton Lions Club operates its’ own Lions Vehicle Donation Program. Our Program generates more charitable funds than other programs because we pick-up, handle and sell all donated vehicles ourselves. 100% of the net proceeds go back to help our local community. Our donors get a tax deduction up to the limits allowed by the IRS. Everybody benefits!
The “new” IRS regulations
The IRS changed the way you can deduct a vehicle donation as of January 1, 2005. At one time, a donor could deduct the fair market value of the vehicle at the time of the deduction – even if it was a $200 junker that you just pulled out of the river. The new rules allow donors to deduct ONLY the amount the Charity receives for the vehicle. Most Charities, including other Lions Clubs, do nothing more than wholesale or auction off their donations, resulting in limited income and a LOW tax deduction to their donors. There are exceptions to the rule and that is where your donation to the Clifton Lions Club Vehicle Donation Program is different!
Why the Clifton Lions Club Vehicle Donation Program is different
One of the exceptions to the 2005 IRS regulations allows donors to still deduct the FULL PRIVATE PARTY FAIR MARKET VALUE of their vehicle, provided the Charity “materially improves the vehicle”. Since we run the program ourselves, are discriminating in the vehicles we choose, repair and materially improve vehicles that we accept, and SELL AT PRIVATE PARTY RETAIL most of the vehicles we get, our donors are still able to deduct the fair market value of the vehicle donation from their taxes. Some donations may not qualify for this exemption based on condition. Of course, you need to consult your tax advisor on any tax issues.
What happens after you donate your vehicle?
Your vehicle is taken to the donation processing center for assessment. We have the capability to repair or perform maintenance and get the donated vehicle ready for sale. Provided the vehicle is repairable for less than what we could sell it for, your vehicle is repaired and given a fresh VA State Safety Inspection. The vehicle is then marketed through various means and sold at private party retail value to a buyer in need of a good used vehicle. We’ve even had vehicle donors in need of a new vehicle purchase recently donated and repaired vehicles!
Contact us at firstname.lastname@example.org or call 703-803-8500 for more information.