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Get the free irs form 1098 c 2010

The products you should use to complete Form 1098-C are the 2010 General Returns and the 2010 Instructions for Form 1098-C. To order these instructions and additional forms visit the IRS website at www.irs.gov or call 1-800-TAX-FORM 1-800-829-3676. 1220 Specifications for Filing Forms 1098 1099 3921 3922 5498 8935 and W-2G Electronically. IRS does not provide a fill-in form option. Need help If you have questions about reporting on Form 1098-C call the information reporting customer service...
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Who needs a 1098-C form?

Any done organization, which will accept the specific vehicle for its own use on a free-of-charge basis.

What is for 1098-C form?

1098-C form is a document with the description of a vehicle, which will be granted by the donor to a recipient on a non-payment base; the value of the gifted vehicle must not be less than 500 USD.

Applicable vehicles include a motor vehicle, which may be used for traveling public streets, highways, and roads. Airplanes and motorboats are also applicable.

Such items like property for sale or the inventory of a car dealer cannot be qualified as vehicle. So, the 1098-C will not be used for filing in these instances.

Also, this form must not be filed if the value of vehicle is less than $500 -- for this, you can use the 170(f)(8) only.

Is the 1098-C Form accompanied by other forms?

1098-C form may be accompanied by 170(f)(8) application; it is a necessary attachment to form 1096.

When is the 1098-C Form due?

Form 1098-C must be filed 30 days after the donation. A copy of it must be provided to the donor.

Also, the day of contribution must be provided inside the document.

How do I fill out the 1098-C Form?

To fill out this form, you must complete the 1096 form. After that you have to add the following information to the 1098-C form:

  • Done’s personal information

  • Donor’s personal information

  • Specifications of contribution

  • Value of property granted by donor

  • Checkbox, where done guarantee that value of property is not less than $500

Any failure in providing the information by done or donor, may cause different kinds of penalties.

Where do I send the 1098-C Form?

The completed 1098-C form must be attached to the 1096 form and sent to the Department of the Treasury — Internal Revenue Service.

So I have some bad news for you guys. If you have been taking advantage of education tax credits such as the American Opportunity Tax Credit or the Lifetime Learning credit, chances are you (or your tax preparer) have been calculating it all wrong. A few weeks ago, we posted a video on tax deductions for college students and in the comments we got a lot of questions about the 1098-T and how you use the 1098-T to calculate your tax credit. So this video is a follow-up to that video. So, if you haven’t seen that video, go watch that one first and come back to this one. It’s time to clear the air and learn how this is supposed to go. So here’s how a lot of people think the credit works. You put in the information from your 1098-T, subtracting your reported scholarships and grants in box 5 from the amount listed in either box 1 or box 2. That should give you the net amount of qualified expenses for which you can claim either the American Opportunity Tax Credit and/or Lifetime Learning Credit, right? WRONG. However, this is what a lot of tax preparers do and...
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