Donate Your Car, Support a Veteran and get a Tax-Deductible Receipt

It can be devastating to consider the amount of pain many of the veterans who served in our country experience. One impactful way that you can provide support for a needy veteran is by donating your vehicle. Making a donation to HonorBound Foundation is beneficial for a multitude of reasons. One major benefit of your generous decision is your eligibility for a car donation tax deduction.

Many veterans are silently struggling because of the lingering effects that their time in the service had on them. These issues can affect their everyday life, making tasks that may feel simple to others extremely challenging. What may come fairly easy to most individuals may be an obstacle for a veteran. The daily expenses of life are simply not easy for many veterans to take on. 

Statistically, veterans are 50% more likely to become homeless than the average person. With this higher rate of poverty, accessing basic needs can be nearly impossible for a veteran in need. At HonorBound, we strongly encourage people to donate their old car, boat, RV, ATV, truck, motorcycle, or trailer to a disadvantaged veteran. 

The HonorBound Foundation is recognized as a 501(c)(3) organization, making your vehicle donation beneficial for a handful of reasons. As a charity, donating your car to our organization permits you to claim a tax deduction. So, not only are you assisting a veteran in need, but you are also eligible for a larger tax deduction if you itemize your return. 

To determine your car donation tax deduction, first determine its selling price. If your vehicle sells for more than $500, your deduction amount is determined after completing tax form 8283. If the price of the vehicle is $500 or less, you do not have to complete additional paperwork. At this sales price, you can simply claim the fair market value of up to $500. 

Once you have decided that you’d like to donate your vehicle, HonorBound will do all of the dirty work. Free of charge, we will tow away your vehicle and take the stress out of the process. Rather than dealing with the hassle of selling your car, let us make the removal of your old car simple. With the added benefit of a car donation tax deduction, providing your used car is a win for everyone involved.

Five days after your car has been towed and donated, you will receive a tax receipt disclosing your deduction amount. Once donated to our organization, we are able to utilize the sales to assist veterans in need in numerous ways. This allows us to pay tuition costs for a veteran seeking education to advance their career, for example. 

We are honored to help veterans improve their quality of life, especially those who are disabled. Building ramps at their homes and providing them with wheelchairs are two of the ways that we are able to help. Even funding a security deposit to assist them in acquiring a home or apartment becomes possible with your generous donation.

Donating your car is very simple, and helps a veteran get back on their feet. Making a positive impact on another person’s life is an extremely rewarding feeling. At HonorBound, we have assisted veterans all across the country and will continue to support them with your help. 

To learn more about how you can make a difference when you donate your car, reach out to HonorBound at (844) 320-5356.