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To add the donation of a car to your return, please follow these steps:
Please see this article for additional information: How much can I deduct for donating a car?
To add the donation of a car to your return, please follow these steps:
Please see this article for additional information: How much can I deduct for donating a car?
If the vehicle was donated to a qualified charty (such as the salvation army) they will send you a 1098-C reporting the value of the donation. If you did not receive a 1098-C then you need to contact the donee to inquire about it.
Sometimes a charity will base the value of your vehicle donation on what they get for it if/when they sell it. So if you donated it in 2019 and they sold it in 2020, that would mean you would not get the 1098-C until next year, for your 2020 taxes. So this is one reason you "NEED" to inquire with the donee as to why you have not yet received a 1098-C.
Thanks for response.I gave it away in 2018 and got the 1098C .It was sold at bare minimum , so not much to claim but i was claiming it for business purposes and depreciation. Not yet sure proper way to list it without affecting prior year depreciation data
Please clarify what you mean when you say that you donated the car in 2018 yet were using it in 2019. How was that possible? Is one of those years a typo?
Ofcourse its a mental typo. Gave away car in April 2019 . Last used it 2018 both business and private ,through End of Year 2018 . Didn't use it in 2019 . But claimed it on bu
Sorry for confusion .
I know am going to have some work when figuring out out for business taxes disposal .
The easiest/simplest way is to just show the car as removed from the business for personal use in April 2019. Then you can claim/report the donation on the personal side under the Deductions & Credits tab in the Charitable Donations section. But you'll need to reduce the donation amount reported on the 1099-C, by the amount of depreciation you took on the vehicle while it was business use.
If you took the "per-mile" deduction each year the vehicle was business use, then a portion of that "per mile" deduction you got was depreciation. Just like the amount you can claim per mile each year changes, so does the depreciation amount.
Since you have a record of the starting/ending miles each year and the number of business miles driven each year, it's easy to figure the depreciation you got. Just use the chart below.
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