Although you may know that you can donate a car to charity for a tax deduction, you might not know that you can donate a used bicycle to charity and get a tax deduction. Local and even international charities accept used-bicycle donations. Overseas, that unwanted bicycle in your garage could help someone get to work. Donating your bicycle, wherever it winds up, is easy to do.
- Skill level:
- Moderately Easy
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Look locally for a place to donate your used bicycle. Typically, charities such as Goodwill and the Salvation Army take used bicycles. There may also be churches, shelters and other organisations in your area that take used bicycles. You can also look for a charity such as Pedals for Progress, which sends used bicycles to developing nations.
Take or ship the bicycle to the charity you have chosen. Call the charity or check its website to make sure it has no special requirements. For example, Pedals for Progress prefers that bikes be dropped off if you live near its New Jersey headquarters and shipped via FedEx if you don't. Pedals for Progress also requires a minimum £6 donation with the used bicycle.
Verify on the IRS website that the place you are donating your bicycle to is an approved charitable organisation. If the charity is not on the IRS list you will not be able to deduct the donation on your taxes.
Get a receipt for your donation from the charity. This is what you will use for your deduction when you file your income taxes. The receipt will only be for the fair market value of the bicycle, not the price you paid for it.
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