I donated my old car to a charity car organization for base value of $500. But they auctioned it for $1250.
Q1: where do I report this deduction? Is it part of charity donation?
Q2: can I deduct the $1250 or just $500 standard value? The charity said that they need my social security number to issue me a tax form but I did not provide them for my own security safty. They do have sent me email about the auction price. Can I deduct $1250?
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You can deduct $1250 as a charitable donation if you itemize.
I tried this in turbotax for $1250. Now turbotax instructs me to file my tax return along with the 1098 form. However, I don't have such form. All I have is a letter from the car charity stating the value of the auction and requesting us to send it my social security for this form. I don't want to give away my SS# and so I don't have such form.
Is there anyway in turbotax to state that I don't have 1098 but I have evident of the new donation value.
According to the IRS, "A donee organization must file a separate Form 1098-C with the IRS for each contribution of a qualified vehicle that has a claimed value of more than $500.
A qualified vehicle is:
In order to be issued the 1098 C, it must have a social security number of the doner. No exceptions!!
@DatBio wrote:
I tried this in turbotax for $1250. Now turbotax instructs me to file my tax return along with the 1098 form. However, I don't have such form. All I have is a letter from the car charity stating the value of the auction and requesting us to send it my social security for this form. I don't want to give away my SS# and so I don't have such form.
Is there anyway in turbotax to state that I don't have 1098 but I have evident of the new donation value.
Sorry. To claim a donation value on a used vehicle of more than $500, it is mandatory that you get a form 1098-C from the donee organization certifying certain information, and include it with your tax return. (If you e-file, you must still mail the 1098-C to the IRS after your return is accepted.) And they need your name and SSN to issue the form.
Thank you all! I will just take the $500 deduction instead. It is worth it not to give my SSN to the charity. Identy Theft is so very common these days.
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