Get the free 1098-C

1 Date of contribution OMB No. 15451959 2a Odometer mileage 2015 Contributions of Motor Vehicles, Boats, and Airplanes Form 1098C 2b Year DONE ES federal identification number 2c Make 2d Model 3 Vehicle

How to fill out 1098-c

How to fill out 1098-C:

1. Obtain the form: You can download Form 1098-C from the official website of the Internal Revenue Service (IRS) or obtain a physical copy from your local IRS office.
2. Provide identification details: Fill in your name, address, and taxpayer identification number (TIN) on the form. Ensure that the information provided is accurate and matches the records with the IRS.
3. Enter recipient information: Include the name, address, and TIN of the organization receiving the donated vehicle. Ensure that this information is correct and aligns with the organization's records.
4. Describe the donated vehicle: Provide a detailed description of the vehicle, including the make, model, year, and vehicle identification number (VIN). Indicate whether the vehicle was sold or exchanged by the donee organization.
5. Determine the donor's cost or basis: Calculate the donor's cost or adjusted basis of the donated vehicle. This can be the fair market value (FMV) if you meet certain requirements. Consult IRS guidelines or a tax professional if you are unsure about the determination.
6. Determine the vehicle's FMV: If the vehicle was not sold or exchanged by the donee organization, you need to determine its FMV at the time of contribution. Utilize appropriate sources such as reputable vehicle valuation guides for assistance.
7. Attach proper documentation: If the claimed deduction exceeds $500, you must attach Form 1098-C to your tax return. Make sure to include all necessary documentation, such as an acknowledgment from the donee organization verifying the contribution.
8. Retain copies for your records: Keep a copy of the completed Form 1098-C and all supporting documents for your records. These may be required in case of an audit or any future inquiries from the IRS.

Who needs 1098-C:

1. Donors of vehicles: Individuals who donate a qualified vehicle, such as a car, boat, or airplane, to a qualified charitable organization, need to report this contribution by filing Form 1098-C with their tax return.
2. Donee organizations: Charitable organizations that receive qualified vehicle donations must provide a written acknowledgment to the donor within 30 days of the contribution. The organization also needs to file Form 1098-C with the IRS to report the vehicle donation.
3. Taxpayers claiming deductions: Taxpayers who wish to claim a deduction for their vehicle donation that exceeds $500 need to obtain a completed Form 1098-C from the donee organization and attach it to their tax return as supporting documentation.

For pdfFiller’s FAQs

What is 1098-c?

1098-C is the form used by charitable organizations to report contributions of motor vehicles, boats, and airplanes.

Who is required to file 1098-c?

Charitable organizations that receive qualified vehicle, boat, or airplane donations are required to file 1098-C.

How to fill out 1098-c?

Fill out the form with the donor's information, the description of the donated property, and the organization's information.

What is the purpose of 1098-c?

The purpose of 1098-C is to provide donors with a record of their donations for tax purposes.

What information must be reported on 1098-c?

Information such as the donor's name, address, taxpayer identification number, description of the donated property, and date of contribution must be reported on 1098-C.

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