What is Form 1098-C?
You should receive Form 1098-C (Contributions of Motor Vehicles, Boats, and Airplanes) from the charitable organization if you donated a motor vehicle, boat, or airplane to them. The Form 1098-C or charity statement should show:
- Box 4a is checked - The sale price you can use as your deduction is shown in box 4c if they sold the vehicle, or
- Box 5a is checked - Their intent to keep and use the vehicle for their charitable work or improve it. You can deduct the fair market value for the vehicle.
You'll need to send the IRS Copy B of this form when you e-file (or attach it to your return if you file a paper return) along with Form 8453 if the claimed value is $500 or more. If Copy B of Form 1098-C is required and you do not submit it, the IRS will disallow your deduction. TurboTax will guide you through printing and mailing this form.
Generally, the charity must furnish this form to you no later than 30 days after the date it sold the donated vehicle (if box 4a is checked), or 30 days after the date of the contribution (if box 5a or 5b is checked). If none of these boxes is checked, you must obtain this form by the due date (including extensions) of your tax return for the year of the contribution (or, if earlier, the date you file that return).