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If car donation receipt states allowable is $500 and KBB Private Party Value mid is $1,273, must Form 8453 be w/ my Return? No 1098-C issued by Donation Foundation.

No info was provided re: amount car was auctioned for. I thought the Donation allowed was for the present value it held. The vehicle had low mileage for it's age and in Good physical and mechanical condition.  Low value is $837 to High value of $1706.

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2 Replies
jtax
Level 10

If car donation receipt states allowable is $500 and KBB Private Party Value mid is $1,273, must Form 8453 be w/ my Return? No 1098-C issued by Donation Foundation.

To claim more than $500 you need 1098-C or similar acknowledgement from the charity (I believe within 30 days of the donations), unless the charity didn't sell it but rather used it for its charitable purposes (in which case their timely donation ack to you must expressly say that.) For all the details see IRS Publication 4303 https://www.irs.gov/pub/irs-pdf/p4303.pdf

on page 2 (pdf page 4):

Written Acknowledgment for Vehicle Contribution Deduction of More Than $500,


What the written acknowledgment must contain depends upon what the charity does with the vehicle. However, all acknowledgments must contain the following information: ? your name and taxpayer identification number, ? the vehicle identification number, ? the date of the contribution, and one of the following: ? a statement that no goods or services were provided by the charity in return for the donation, if that was the case, ? a description and good faith estimate of the value of goods or services, if any, that the charity provided in return for the donation, or, ? a statement that goods or services provided by the charity consisted entirely of intangible religious benefits, if that was the case. 

Note: If the acknowledgment does not contain all required information, the deduction may not exceed $500. 

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If car donation receipt states allowable is $500 and KBB Private Party Value mid is $1,273, must Form 8453 be w/ my Return? No 1098-C issued by Donation Foundation.

Thank You, jtax for responding so quickly to my inquiry.
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