OK, I hope we got your attention with that headline. Yeah, you were probably looking for some “official” information regarding the federal Cash for Clunkers program but what you may not know is that Special Olympics Massachusetts has been helping people get a better deal with their unwanted cars for years. This is nothing new. In fact, depending on the vehicle, donating your car in Massachusetts to Special Olympics can get you a pretty good tax deduction and help someone else in the process.
While there are many restrictions of the cash for clunkers program, and time is limited (as well as the cash supporting the program…) our Recycle for Gold program is here to stay and is a little more flexible. Depending on what our organization sells the car for determines what you can write off. For vehicles with a value of $500 or less, that is the responsibility of the donor.
The actual amount of the deduction for vehicles worth more than $500 is not determined until Special Olympics Massachusetts sells the vehicle. Once that happens, SOMA provides the donor with a written acknowledgement containing the actual sale price of the vehicle and that is the amount you may be able to claim as a charitable deduction. Depending on the car, you could wind up with a great tax deduction.
So if you think the cash for clunkers program is something new, we’re here to tell you, we’ve been doing this for years. And, helping individuals with intellectual disabilities live a stronger, healthier life. Find out more about the Recycle for Gold program here; http://www.recycleforgold.org/
If you REALLY want the official cars for clunkers website, its right here; http://www.cars.gov/