car donation deduction

[cruzship]

Turbotax is asking us the purchase price and date we had bought a vehicle that we donated.  I can no longer find that information in my records.  Does the IRS need this information.

[macuser_22 · Accepted solution]

To deduct a donated vehicle you must receive a form 1098-C from the charity that you donated it to.

Per IRS PUB 526.

https://www.irs.gov/pub/irs-pdf/p526.pdf

Form 1098-C. You must attach to your return Copy B of the Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes (or other statement containing the same information as Form 1098-C) you received from the organization. The Form 1098-C (or other statement) will show the gross proceeds from the sale of the vehicle.
If you e-file your return, you must:
•
Attach Copy B of Form 1098-C to Form 8453, U.S. Individual Income Tax Transmittal for an IRS e-file Return, and mail the forms to the IRS; or
•
Include Copy B of Form 1098-C as a pdf attachment if your software program allows it.
If you don't attach Form 1098-C (or other statement), you can't deduct your contribution

[DawnC]

Is this a vehicle you used in any kind of business activity or are you trying to enter a personal car donation?  

The maximum you can deduct is the fair market value (FMV) of your car. Generally, that's the price a willing buyer would pay a willing seller, assuming neither party is being forced to buy/sell and both parties have reasonable knowledge about the condition of the vehicle.

Here's where it gets a little tricky: if the FMV is $500 or less, claim the FMV. If the FMV of your donated car exceeds $500, you can only deduct the amount the charity received (or expects to receive) when sold at auction, in most cases.

For example, if your old Subaru hatchback had a FMV of $950 at the time of donation and the charity later sold it for $680, you can only deduct $680.

Charities must give you Form 1098-C with the allowed donation amount within 30 days of the donation or sale. You'll need to send a copy of Form 1098-C along with some other paperwork to the IRS (we'll walk you through this process in TurboTax).

How do I determine the FMV of my car?

The most accurate method is to look for private party ads for similar vehicles for sale in your area. If you can't find sales ads for similar vehicles, you can use industry pricing guides like Edmunds or Kelley Blue Book.

Related Information:

• Do I need a receipt for my donation?
• How do I enter my 2019 charitable donations in TurboTax?

[Anonymous]

you need to complete form 8283 either part A or B

Section A. Include in Section A only the following items.
1. Items (or groups of similar items as defined later) for
which you claimed a deduction of more than $500 but not
more than $5,000 per item (or group of similar items).
2. The following items even if the claimed value was more than $5,000 per item (or group of similar items)

e. A vehicle (including a car, boat, or airplane) if your
deduction for the vehicle is limited to the gross proceeds
from its sale and you obtained a contemporaneous written

Note. If the amount you claimed as a deduction for the
item is $500 or less, you do not have to complete columns
(e) date acquired, (f) how acquired, and (g) fair market value

need to enter date acquired, use like 7/1 of the year you acquired it. 

If you donate a qualified vehicle with a claimed value of
more than $500, you cannot claim a deduction unless you
attach to Form 8283 a copy of the contemporaneous
written acknowledgment you received from the donee
The donee organization may use Copy B of
Form 1098-C as the acknowledgment.   

you do not need an actual 1098-C only a written acknowledgment with the identical info 

Section B. Include in Section B only items (or groups of
similar items) for which you claimed a deduction of more
than $5,000. Do not include items reportable in Section A.

acknowledgment,