Car Donation In Oklahoma, OK
What You Need To Know
The steps for how to donate your car in Oklahoma are very similar to the ones you’ll find in states all across the U.S.
However, similar doesn’t mean that all the laws and regulations are the same. As such you should make sure you follow all procedures before you donate.
You will find below answers to all the main questions you are likely to have should you be thinking about making a car donation in Oklahoma.
1. What Can You Donate In Oklahoma, Ok?
In Oklahoma you have a wide latitude for vehicles that charity will accept; car donation
is just one option that you have available to you.
You are also allowed to donate trucks, sport utility vehicles, off-road vehicles, RVs, motorcycles (see motorcycle donations) jet skis, recreational vehicles, trailers, snowmobiles and nearly any other sort of vehicle that is allowed by law on the roads, in the waters or along the skies. You can even donate junk cars.
Talk To Your Charity
If you have doubts about your particular donation then all you have to do is contact the charity you’d like to donate to and ask if it will take your donation.
2. What Documents Do You Need To Donate?
When you donate a car
in Oklahoma it’s very important that you bring along the vehicle’s title.
The title proves that you own the vehicle and that you have the right to donate it to the charity, while at the same time giving you a convenient way to easily hand over legal as well as physical ownership.
Replacement and Duplicate Titles
If you don’t have your title, or you need to get a replacement title before you can go and donate your vehicle, you will need to download and complete Form 701-7, Application For Duplicate Vehicle Title in Oklahoma.
Your signature must be notarized and the form submitted to the Motor Vehicle Division or any Oklahoma motor license agency. For assistance in completing the form, see Oklahoma vehicle titles on the Oklahama MVC website.
MVC Contact Information
If you prefer to speak to someone in person, the MVC website also provides contact informationfor branch offices Oklahoma City and Tulsa.
3. How To Maximize Your Charity’s Donation?
When you donate a car to charity
in Oklahoma, that charity is going to use your vehicle to help provide resources so the charity can continue its mission. However, a few simple steps on your part can help the charity get more money for your donation.
Is Your Car At Its Best?
For instance, clean up your donation before you drop it off to save the charity the time and the chore. Drop off the vehicle yourself rather than allowing the charity to pick up the tab for the tow.
Also, make any material improvements (improvements that add value to the vehicle for sale or fair market value purposes) before you donate the vehicle if possible.
Cars don’t have to be functional when you give them to charity, but it will allow the charity to get a higher price if they are. Also, look for charity’s that sell at retail rather than wholesale prices. As is true everywhere, wholesale buyers in Oklahoma never pay the same prices as the general public.
4. How To Maximize Your IRS Tax Deduction?
When you donate a vehicle you get a car donation tax deduction
as a reward.
However, if you’re savvy about whom you donate your vehicle to, you can maximize your benefits. For instance, some charities will offer you a partial cash payment for a donation of expensive vehicles like boats or trucks that will see a large return.
In these cases you have to report the cash you were given to the IRS, but when your vehicle is sold you may claim the value of the sale, minus the cash you were given, as a deduction. The IRS explains this in IRS Publication 544, Sales & Other Dispositions of Assets.
Donations To The Needy Help You
Also if a charity gives your vehicle away, sells it at a price far below fair market value in accordance with its goals (i.e. to a needy individual), or chooses to use your vehicle for a significant period of time (in the course of its fundraising activities) before sale then you may claim the fair market value of that vehicle on the date you donated it rather than the gross proceeds as your deduction.
5. Where Can You Donate Your Car in Ok?
While it might be tempting to turn your vehicle donation over to the first vehicle donation program
or charity car auction
in Oklahoma you find, it pays to do a little research and to be discerning with your donation.
The Better Business Bureau has compiled a list of 501(c)(3) charitable organizations www.bbb.org/us/ as has www.charitynavigator.org. You should be able to locate a number of good causes in all the main towns and locations in the state of Oklahoma.
- Fort Still
- Midwest City
- Oklahoma City
Once you’ve found an acceptable charity you want to help with your donation, contact that charity and ask where in the state you are allowed to drop off your donation at. Different charities will, of course, have different locations.
Auto Donations In Other States
6. How To Release Liability Of Your Vehicle?
When you make an auto donation
you have to have your title. This is because the title is the key to transferring not just ownership of the vehicle, but also of the liability for that vehicle.
In order to transfer liability, you need to notify the Oklahoma MVC by completing Form 773, Notice of Transfer of Ownership of Vehicle. Although this is optional on the part of the transferor according to the MVC, this step legally records the fact that ownership has changed. Learn more about what the MVC says you have to do to transfer vehicle titles in Oklahoma.
We recommend consulting the excellent dmv.org website where you find additional information about car registrations and titles in Oklahoma.
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