turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

maryleem
New Member

Donated my car and can deduct the value of the 'arms length' sale price. What do I enter under "method used to determine value"?

I did not receive a form 1098C, only a written summary from the charity organization...
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Donated my car and can deduct the value of the 'arms length' sale price. What do I enter under "method used to determine value"?

Without a signed form 1098C, the maximum you can claim as a deduction is $500.

 

You can use the written statement if it contains all the same information as the 1098C.  Here is the form so you can check to make sure that you have all the necessary information.

https://www.irs.gov/forms-pubs/about-form-1098-c

 

If your written statement qualifies, you must enter the donation as a vehicle donation, say yes that you got a 1098C, and answer the required questions.  You must mail the original signed statement to the IRS after e-filing, using a form 8453 cover page that Turbotax should tell you to print out.

 

If you don't have the right information, you should still enter the donation as a vehicle, say you don't have a 1098C, and let the program assign a value of $500.  If you are still asked for a valuation method, say FMV or thrift store sales, it doesn't really matter since the $500 limit is in the law rather than based on the real value. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question