Charitable Organizations Like Car Donations So Hold Atomobile Auction

by Frank Hague

You can give your car to charity and deduct the gross proceeds from the sale if the proceeds are for more than $500. If the claimed value of the donated motor vehicle, boat or plane exceeds $500 and the item is sold by the charitable organization, the taxpayer's claimed value is limited to the gross proceeds from the sale. The charitable organization must notify the donor within 30 days of the sale of the amount of the gross proceeds. However, if the charity adds improvements to the vehicle, the charity must notify the donor within 30 days of the contribution. If the charity betters the vehicle then the donor may deduct the vehicle's market value. Actually, it is much better if the Taxpayer can deduct the vehicle's market value, because there normally is quite a gap between perceived market value and actual proceeds, and this difference can literally be thousands of dollars. One car donation center states that it has processed over 500,000 car donations since 1992, which adds up to about 30,000 cars a year. Did you know that you can also donate boats and RV's? So if aunt Dora dies, and leaves her jalopy in the driveway then maybe this is an attractive way to get rid of the car especially since it does not start anyway. But wait! It is not that easy. Where is the Title to the car? Not in the glove compartment? You may have a problem. You may also have a problem if the title is joint, say Aunt Dora and Uncle Nick. If Aunt Dora died and UncleNick is still alive there will be all kinds of problems. How about vehicle emission controls, was the car equipped with them, were they disabled? When you make a charity car donation: You get free vehicle pick-up whether your car to donate is running or not. In some cases the company will actually put a new battery in the car to get it running again. You avoid confusing Department of Motor Vehicles paperwork or Smog hassles. How it works: Call a reliable Vehicle Donation company. They'll take your information over the telephone, they'll handle all the DMV documents, they'll pick up your vehicle , arrange an auction sale and distribute the proceeds to the charity. If your donated vehicle/vessel sells for under $500 the receipt you receive at the time the vehicle is picked up is all you need for filing your taxes. The actual net proceeds of a donated car seem to range around the $400 figure In all cases, a charity car donation is sold to the highest bidder by a well-established charity vehicle auction. You must have a certificate of title. Some companies will also guarantee that if your donated car gets a ticket after your donation date, they'll take care of the ticket for you and they zealously will fight it so you don't have to worry about it. The reason cars are sold by public auction is that people simply will pay more at an auction for your car than they will pay at a dealer. Also, if the car is running at the time of the auction people will pay more so it is advisable to get it to running condition when reselling it. About the author: Frank Hague is very interested in Car Donations http://car-donations-charitable-donations-aacharity.info http://www.tax-attorney.biz

eBay Thieves Make Auctions Tougher

by Sydney Johnston

The online auction world was shocked by the biggest eBay fraud in its seven year history. What made it even more astonishing is the fact that the crooked seller has a five history of successful sales on eBay, accompanied by thousands of glowing testimonials from satisfied buyers. Stewart Richardson, owner of a Michigan store called Retired Figurine Exchange Inc., sold small figurines to eBay collectors, some of them costing thousands of dollars. The heart of eBay's seller-honesty system is "Feedback", which allows buyers and sellers to rate each other. Mr. Richardson earned 6,185 positive feedback points since he started selling on eBay in 1997, with an additional 58 negative and 56 neutral ratings from buyers who bought from him. These scores mean that 98% of the sales Mr. Richardson made resulted in satisfied buyers. Richardson posted large numbers of auctions which concluded early in January, supposedly selling hundreds of figurines from an estate sale. He apparently sold items he didn't possess, listed the same item multiple times and even contacted losers in the auctions, informing them that the winners didn't pay and offering them the opportunity to buy. Then on January 17, he left for lunch and hasn't been seen since. Estimates of his stolen money range from $225,000-$400,000. Investigators later discovered that Richardson spent a total of about eight years in prison during the late 1950s and 1960s for a number of felonies, the most serious of which was assault with intent to commit murder. Nor is he the only high-profile crook. Brian D. Wildman was convicted of wire and mail fraud for selling valuable sports card sets ? but not delivering them as promised. Other sellers were indicted for attempting to sell a fake painting for $135,805. In another case, sellers themselves turned into a vigilante group, seeking justice from a 35 year old man who sold computers and then failed to deliver. The angry buyers apparently broke the law in their attempts to retrieve their money back from the dishonest seller. You and I are damaged by these reports. There are many people who are uneasy about internet sales in general, and these kinds of high-profile stories make it tougher for honest people. In truth, eBay claims that fraud includes only .01% of its transactions, but that isn't reassuring to a nervous buyer. What can we do? 1. Plaster your identity everywhere. Put full contact information where all potential buyers can see it. Give as many ways to contact you as possible. Include your picture (and perhaps the dog and cat. :-) Choose anything that will let buyers see you as a real person with a stable life. If you have testimonials and feedback from happy customers, tell the world. It's true that Richardson had these advantages, too, but he is newsworthy simply because he is an exception and not the rule. Generally, the feedback system works very well. If you have special credentials, let buyers know. For example, perhaps you are a nurse who sells nutritional supplements or you are an antique dealer who has been in the business for 30 years and can prove it. This kind of credibility is much more reassuring than a one page website and a free hotmail address. 2. Credit cards are the safest way to purchase anything. These days, it is possible for most entrepreneurs to accept credit cards through the auction sites or 3rd party processors, even if they don't have their own merchant account. Go even further and explain the safety of credit cards to your buyers. In my one and only personal experience with auction fraud, there were dozens of other sellers who never received their merchandise. Those who paid by credit card, like I did, received their money back. Those who paid with cash or cashier's checks simply lost their money. eBay has fraud protection, but it only covers $175. 3. Escrow is a great safeguard, although it is most practical for higher priced sales. It works like this: a. The buyer sends the purchase price to the escrow company, who then verifies the funds b. The escrow company notifies the seller who ships the merchandise to the buyer c. When the buyer is satisfied, the money is released to the seller d. If the buyer isn't satisfied, he can return the merchandise to the seller and receive his money back. These kinds of conditions are usually specified in advance. That is, "I changed my mind" usually isn't grounds for return of the merchandise. It normally has to be misrepresented in some way for a buyer return. According to news stories, one of Richardson's buyers sent a registered check for $20,000. That money is lost for good. If the buyer had been careful enough to use an escrow company that loss would not have occurred. If you sell expensive items, always mention this option to buyers. Even if they choose not to use it, they will know you have nothing to hide. About the Author Sydney Johnston, the AUCTION QUEEN, was one of the original sellers on eBay.com back in 1996. She is the author of Make Your Net Auction Sell!, published by Dr. Ken Evoy and sitesell. She is the originator and teacher of the famous Auction Genius Course, a powerful 16 hour seminar on the internet that teaches everything necessary to build a powerful and wealthy online auction, and includes software and numerous other aids. http://auction-genius-course.com

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