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Form 1098-C if Box 7 is checked do I need to file this form with Form 8453 (Turbo Tax instr) Car donation was $500.
These forms are confusing - it says do not need to file if $500 or under - but Turbo Tax instructions say yes have to file - I definitely want to do the right thing but don't want to send forms not needed.
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Form 1098-C if Box 7 is checked do I need to file this form with Form 8453 (Turbo Tax instr) Car donation was $500.
You don't need to send the form with a claimed value of only exactly $500. As the Form 1098-C instructions state - "Caution: You must attach Copy B of Form 1098-C to your income tax return in order to take a deduction for the contribution of a qualified vehicle with a claimed value of more than $500." You should retain the form in your records for substantiation if ever needed.
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Form 1098-C if Box 7 is checked do I need to file this form with Form 8453 (Turbo Tax instr) Car donation was $500.
You don't need to send the form with a claimed value of only exactly $500. As the Form 1098-C instructions state - "Caution: You must attach Copy B of Form 1098-C to your income tax return in order to take a deduction for the contribution of a qualified vehicle with a claimed value of more than $500." You should retain the form in your records for substantiation if ever needed.
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