Instructions For Form 1098-C - 2006
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25Instructions for Donor
Box 5a. This box is required to be checked by the
Caution. You must attach Copy B of Form 1098-C to
your income tax return in order to take a deduction for
charity to certify that the donated vehicle will not be
sold before completion of a significant intervening use
the contribution of a qualified vehicle with a claimed
or material improvement by the charity. If the box is
value of more than $500. If you do not attach this form
checked, you generally may take a deduction equal to
to your return when required, the IRS will disallow your
the vehicle’s fair market value on the date of the
deduction. Generally, you also must attach Form 8283,
contribution. However, if that value was more than
Noncash Charitable Contributions, if the amount you
your cost or other basis, see Pub. 561.
deduct for all noncash gifts is more than $500. See the
instructions for Form 8283 for exceptions.
Box 5b. This box is required to be checked by the
You received Form 1098-C because you donated a
charity to certify that the donated vehicle is to be
motor vehicle, boat, or airplane (“donated vehicle”) to
transferred to a needy individual in direct furtherance
the charity shown on the front of this form. Generally,
of the donee’s charitable purpose of relieving the poor
the charity must furnish this form to you no later than
and distressed or underprivileged who are in need of a
30 days after the date it sold the donated vehicle (if
means of transportation. If this box is checked, you
box 4a is checked), or 30 days after the date of the
generally may take a deduction equal to the vehicle’s
contribution (if box 5a or 5b is checked). If none of
fair market value on the date of the contribution.
these boxes are checked, you must obtain this form by
However, if that value was more than your cost or
the due date (including extensions) of your tax return
other basis, see Pub. 561.
for the year of the contribution (or, if earlier, the date
Box 6b. Shows a good faith estimate by the charity of
you file that return).
the value of any goods and services provided to you
for the donated vehicle. Generally, the amount of your
Box 1. Shows the date the charity received the
charitable contribution is reduced by the value of the
donated vehicle.
goods and services provided. However, see the
Box 3. Shows the vehicle identification number (VIN)
instructions for box 6c below. Also, see Contributions
for a motor vehicle; the hull identification number for a
From Which You Benefit in Pub. 526, Charitable
boat; or the aircraft identification number for an
Contributions.
airplane.
Box 6c. This box is required to be checked by the
Box 4a. This box is required to be checked by the
charity if the goods and services consisted solely of
charity to certify that the donated vehicle was sold for
intangible religious benefits. If checked, you do not
more than $500 to an unrelated party in an arm’s
have to reduce the amount of your charitable
length transaction.
contribution by the value of such benefits. An
Box 4c. Shows the gross proceeds the charity
intangible religious benefit means a benefit that
received from the sale of the donated vehicle. If box 4a
generally is not sold in a commerical transaction, such
is checked, you generally may take a deduction equal
as admission to a religious ceremony.
to the smaller of the amount in box 4c or the vehicle’s
Box 7. If this box is checked, your deduction in most
fair market value on the date of the contribution.
cases equals the smaller of $500 or the donated
However, if that value was more than your cost or
vehicle’s fair market value on the date of the
other basis, see Pub. 561, Determining the Value of
contribution. However, if that value was more than
Donated Property.
your cost or other basis, see Pub. 561.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Form 1098-c - Contributions Of Motor Vehicles, Boats, And Airplanes - 2015
Financial
Instructions For Form 1098-c - Contributions Of Motor Vehicles, Boats, And Airplanes - 2016
Financial
Instructions For Form 1098-c - Contributions Of Motor Vehicles, Boats, And Airplanes - 2016
Financial
Instructions For Form 1098-c - Contributions Of Motor Vehicles, Boats, And Airplanes - 2017
Financial
Related Categories
Parent category: Financial