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I am Donating a classic car to a museum. What IRS form do I use ?

I have 56,400 invested in it. It is appraised at only 37,000.
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I am Donating a classic car to a museum. What IRS form do I use ?

Is the museum a tax-exempt organization that is eligible to receive tax-deductible charitable contributions ?  They should be able to tell you or you can use this IRS tool and search for the organization - https://apps.irs.gov/app/eos/

IRS website for Tax Exempt Organization Search - https://www.irs.gov/charities-non-profits/tax-exempt-organization-search

IRS website for Tax Exempt Organization Search FAQ's - https://www.irs.gov/charities-non-profits/tax-exempt-organization-search-frequently-asked-questions

 

If you plan to deduct the contribution on your tax return as an itemized charitable contribution on Schedule A, then you will need to complete IRS Form 8283 Noncash Charitable Contributions Section B for Donated Property Over $5,000.

IRS Form 8283 - https://www.irs.gov/pub/irs-pdf/f8283.pdf

IRS Form 8283 instructions - https://www.irs.gov/pub/irs-pdf/i8283.pdf

Also see IRS Publication 526 Charitable Contributions - https://www.irs.gov/pub/irs-pdf/p526.pdf

 

The museum will give you a Form 1098-C for the donated item which you would attach to your tax return.

IRS Form 1098-C - https://www.irs.gov/pub/irs-pdf/f1098c.pdf

 

Using TurboTax, see this TurboTax support FAQ for charitable donations - https://ttlc.intuit.com/community/credits-and-deductions/help/how-do-i-enter-my-charitable-donations...

 

If you do not plan to use this donation as a deduction on your tax return but are gifting it to the museum then you do not report the donation on a tax return.

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