So for 1098-C it shows value of $4500 for my vehicle. I check KBB Trade in value in poor condition and it lists it at $4000. When I input into turbotax it uses the $4500 value, but shouldn't it use $4000? I heard it is the lower of these two values?
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Yes, use the lower amount because that is the Fair Market Value of the car.
But turbotax doesn't allow me, it tells me to use the amount on the form
You can enter your donation value in TurboTax as follows:
In your search bar at the upper-right side of your screen enter "1098-c"
Choose "I'll Value Them"
Enter you relevant information:
Follow your screens through and enter your Form 1098-C. See the exception explained below.
You can enter the lower value of your car, but you must meet one of the exceptions:
Please read the exception below. This exception must be met in order for TurboTax to accept the "lower value" than what is on Form 1098-C.
A vehicle donation deduction over $500 is based on its fair market value and isn't restricted by the sales amount if the charity does any of the following:
If box 5a or 5b is checked off on Form 1098-C, your donation is typically eligible for an exception, and you can typically deduct the car's value.
Also refer to the instructions for Form 1098-C for a further explanation. Click here for 1098-C Instructions.
Click here for information on Form 1098-C.
Please feel free to come back to TurboTax Community with additional information or questions or click here for help in contacting Turbo Tax Support.
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