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Car donation and 1098-C

 
 
Gopi
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      10-13-2009, 03:36 AM
Hi experts,

I have 2008 tax situation where I donated a car and charity has sold
it for $2750. Charity organization has sent a letter stating my name,
car info and price they sold along with dates. When I printed out tax
forms with Turbotax, it is asking for 1098-C form to attach, but I
have not received it. If I don't have 1098-C, can I include letter
from charity while sending tax returns ?

Thanks,
-Gopi

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Arthur Kamlet
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      10-13-2009, 03:54 AM
In article <(E-Mail Removed)>,
Gopi <(E-Mail Removed)> wrote:
>I have 2008 tax situation where I donated a car and charity has sold
>it for $2750. Charity organization has sent a letter stating my name,
>car info and price they sold along with dates. When I printed out tax
>forms with Turbotax, it is asking for 1098-C form to attach, but I
>have not received it. If I don't have 1098-C, can I include letter
>from charity while sending tax returns ?



First double check the lotter to see if it is marked "substitute for
Form 1098-C" or something like that. If not, you need to get that
1098-C and attach it to your tax return. If you are e-filing, then
attach the 1098C to a form 8853 and check the Form 1098C box of the
8853. Mail the 8853 to the IRS - Austin campus as shown on the form.

The IRS has been pretty strict here. No form, not tax deduction.

Without the form your deduciton is limited to the lower of $500 or
FMV on date of donation.
--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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<< ------------------------------------------------------- >>
 
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      11-02-2012, 12:52 PM
The idea of donating a car is growing in popularity as more and more Americans are now interested in reaping some tax related benefits. But, if you are also one of those persons who are currently thinking of donating their car, you should proceed only after paying attention to quite a few things.
 
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