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You Can Get More Mileage on Your Donation – Form 1098 C

IRS Form 1098 C for the contribution of motor vehicles, boats, and airplanes

This post from PDFfiller takes an in-depth look at IRS Form 1098 C for those who were generous with their non-cash contributions this past year.

What is the purpose of the Form 1098-C?

Form 1098-C is received by taxpayers who donated a qualified vehicle valued at more than $500 to a qualified charitable organization. The form is used to claim a deduction for the qualifying vehicle that was donated.

Who needs to file the Form 1098 C?

The answer is two-fold. Both the qualified charitable organization and the taxpayer need to file a 1098 C form with the IRS. The charitable organization files Copy A of this form with the IRS, Copy B is issued to the donor, and Copy C is kept for their records. The taxpayer attaches Copy B of this form to tax return of to the Form 8283. The Form 8283 is titled Non-cash Charitable Contributions. This form is used when a non-cash contribution is valued at more than $500.

Is the Form 1098-C accompanied by other forms?

Form 1098 C is either attached to the Form 1040 or the form 8283, Non-cash Charitable Contributions.

When is the Form 1098 C due to the IRS?

For the organization issuing the 1098 C form, the form is due to the IRS by February 28th. The form should be issued to taxpayers (donors), no later than 30 days after the vehicle has been sold by the organization.

How is the Form 1098-C Completed?

Note that Form 1098 C is completed by the qualified charitable organization(donee), not the taxpayer (donor). The donee and donor information is required on the left side of the form. Below is the information required in the various boxes.

Box 1: Date of Contribution.
Box 2a: Odometer reading of donated vehicle
Box 2b: Year of donated vehicle
Box 2c: Make of vehicle donated
Box 2d: Model of the donated vehicle
Box 3: Vehicle Identification Number (VIN).
Box 4a: Donee certification
Box 4b: Date of sale of donated vehicle
Box 4c: Gross Proceeds from sale of donated vehicle
Box 5a: Donee certification
Box 5b: Donee certification
Box 5c: Donee certification
Box 6a: Inquiry about whether goods or services were exchanged for the donated vehicle.
Box 6b: The value of the goods and services exchanged
Box 6c: Description of goods and services that were exchanged
Box 7: A check the box indication of whether the taxpayer may not claim a deduction for more than $500.

For more detailed information on how to complete Form 1098-C, refer to the IRS written instructions.

What is the mailing address for the Form 1098-C?

Form 1098-C is an information return. The mailing address for the form depends on which state the charitable organization is located in. Refer to the IRS publication titled Certain Information Returns for more detailed information relating to the mailing addresses.