Deductions & credits

You don't need to send the form with a claimed value of only exactly $500.  As the Form 1098-C instructions state - "Caution: You must attach Copy B of Form 1098-C to your income tax return in order to take a deduction for the contribution of a qualified vehicle with a claimed value of more than $500."  You should retain the form in your records for substantiation if ever needed.

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