We also offer free local pick-up. Please contact us to schedule a pick-up.
According to IRS publication 526, the following rules apply to any donation of a qualified vehicle. A qualified vehicle is a car or any motor vehicle manufactured mainly for use on public streets, roads, and highways, a boat, or an airplane. If you donate a qualified vehicle to a qualified organization and you claim a deduction of more than $500, you can deduct the smaller of the gross proceeds from the sale of the vehicle by the organization or the vehicle’s fair market value on the date of the contribution.
By donating your vehicle to No Longer Bound you can take advantage of the two exceptions to these rules.
The first exception states that if No Longer Bound makes a significant intervening use of or material improvement to the vehicle before transferring it, you can generally deduct the vehicle’s fair market value at the time of the contribution. By utilizing our auto shop program at No Longer Bound, we make significant improvement in the majority of cars that are donated before we sell them. Thus, our auto shop program allows you to maximize your tax deduction.
The second exception states that if No Longer Bound gives the vehicle, or sells it for a price well below fair market value, to a needy individual to further the organization’s charitable purpose, you can generally claim a deduction of the fair market value at the time of the contribution. Many of the vehicles donated to No Longer Bound are sold to program graduates trying to start over after leaving No Longer Bound or to one of the many needy families in our community. Again, your automobile donation to No Longer Bound can maximize your tax deduction.