- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I received a letter rather than a 1098-C for donating a car. The letter says it sold for "$500 or less." Can I claim $500 for the donation?
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I received a letter rather than a 1098-C for donating a car. The letter says it sold for "$500 or less." Can I claim $500 for the donation?
If you efile your tax return and deduct more than $500 for the car, Form 8283 will be created and efiled with the rest of your tax reurn. However, if you mail your return, you must also send in Form 8283 with the rest of your tax return.
If you deduct $500 or less, Form 8283 is not necessary. You have to find out what they sold the donated car for and compare the amount with the fair market value of the car. To determine how much you can deduct, refer to this Link:
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I received a letter rather than a 1098-C for donating a car. The letter says it sold for "$500 or less." Can I claim $500 for the donation?
If you efile your tax return and deduct more than $500 for the car, Form 8283 will be created and efiled with the rest of your tax reurn. However, if you mail your return, you must also send in Form 8283 with the rest of your tax return.
If you deduct $500 or less, Form 8283 is not necessary. You have to find out what they sold the donated car for and compare the amount with the fair market value of the car. To determine how much you can deduct, refer to this Link:
Still have questions?
Or browse the Forums