Making A Purple Heart Auto Donation
How Making A Purple Heart Auto Donation Can Help
A Purple Heart auto donation can help to provide wounded veterans with the help they need to integrate themselves back into society following combat. Since it can be difficult to make cash donations during periods of economic recession, donating an automobile helps to provide another viable option to help fund their relief. There are numerous benefits to consider.
The Purple Heart Foundation is the non-profit sector of the Military Order of the Purple Heart Service Foundation. This corporation was founded and is continued by wounded combat service members that received the Purple Heart during their years in the military. Recipients are generally bestowed these medals of honor when wounded in battle and maintained an exemplary record of service.
Organizations such as this seek to provide those wounded in combat with different types of aid when they seek to rejoin society. It can be difficult to transition from war to civilian life. Often, the military members and their families sustain financial and psychological difficulties that they must seek to overcome. This type of foundation can help.
One way in which people can help to provide funds to this type of organization is to donate their automobiles, RVs or boats. Since cash can be tight or already accounted for, this provides a very viable alternative. In many cases, it may prove more beneficial to donate the car than to fix it or have it disposed of.
There are numerous reasons to donate a vehicle to this cause, other than to help provide the foundation with monies to pursue its cause. Often it can be more costly to repair and older car, than to dispose of it and purchase a new one. By donating it, the person saves the cost of towing it to the junk yard and can claim a tax deduction for the full value. This is particularly beneficial if the car retains little value for purposes of trading it in or he is unlikely to find someone else that would want to purchase the vehicle.
In order to donate the automobile, the person must possess the title of the car and not be subject to any liens against it. The organization will arrange pick up of the automobile using its own towing company. There are no hassles for the person making the donation.
By claiming a tax deduction for the vehicle, the person can effectively reduce the amount of taxable income that he reports on his tax return. This means that he has the chance to significantly reduce the amount of taxes that he may owe at the end of the year. It is important to note that this will not provide his with a tax return, so it may be wise to wait until a year that he owes money before making the donation.
It is important than an individual closely examine all of the benefits before choosing to make a Purple Heart auto donation. However, this can help to provide funding to an organization that seeks to help wounded veterans. By giving his old car over to them, he is enabling the foundation to further provide relief to service men and women injured in the line of duty.