IRS Instruction 1098-C 2019-2024 free printable template

Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, is required to be filed by charitable organizations that receive donations of motor vehicles, boats, or airplanes. The organization must provide a copy of the form to the donor as well.

To fill out Form 1098-C, which is used for reporting contributions of motor vehicles, boats, and airplanes to a qualified charitable organization, follow these steps: 1. Obtain the necessary information: Gather all the required information such as the name and address of the charitable organization, your taxpayer identification number, the date of contribution, the vehicle identification number (VIN), and a detailed description of the vehicle or item donated. 2. Complete Part I - Donor Information: Provide your name, address, and taxpayer identification number (SSN or EIN) in the designated boxes. 3. Complete Part II - Vehicle Information: Enter the year, make, and model of the donated vehicle or item. If the donation was made for a non-vehicle item like a boat or airplane, provide the relevant details. Also, include the vehicle identification number (VIN) or other identifying numbers. 4. Complete Part III - Statement of Intent: Indicate whether you (the donor) received any goods or services in exchange for your donation and provide a description and estimated value in this section. 5. Complete Part IV - Donee Acknowledgment: If the charity provided you with a written acknowledgment of the donation, enter the date you received it. If not, you should attach a copy of a written agreement or other records proving that the vehicle or item was sold in an arm's length transaction. 6. Sign and date the form: After completing the necessary sections, sign and date the form. Ensure you have kept copies of all relevant documents and records for your own reference and potential audit purposes. It is strongly recommended to consult a tax professional or accountant for specific guidance related to your situation and to ensure accurate completion of Form 1098-C.

Form 1098-C is used for reporting contributions of motor vehicles, boats, and airplanes to charitable organizations. The purpose of Form 1098-C is to provide information to the Internal Revenue Service (IRS) and the donor about the contribution made, including the vehicle's description, fair market value, and other relevant details. It is also used by taxpayers to claim a charitable deduction on their tax return when they donate a qualified vehicle to a qualified organization.

Form 1098-C is used to report the contributions made by individuals and organizations to a qualified charitable organization (QCO) or certain governmental entities or nonprofit organizations. The information that must be reported on Form 1098-C includes: 1. Donor information: The name, address, and taxpayer identification number (TIN) of the donor(s) making the contribution. 2. Donee information: The name, address, and TIN of the QCO or governmental/nonprofit entity receiving the contribution. 3. Vehicle information (if applicable): If the contribution includes a vehicle, the year, make, model, and vehicle identification number (VIN) of the donated vehicle must be reported. 4. Contribution information: The date of the contribution, the date the vehicle was received by the donee (if applicable), and the vehicle's fair market value. 5. Certification information: The acknowledgment that the QCO or entity receiving the contribution did not provide any goods or services in exchange for the contribution, or a description and good faith estimate of the value of any goods or services provided by the donee. These are the main information requirements for Form 1098-C, but it is important to consult the official instructions provided by the IRS or seek professional advice for complete and accurate reporting.

The deadline to file Form 1098-C for the year 2023 would be January 31, 2024. This is the deadline for furnishing the form to the recipient (i.e., the donor) and submitting a copy to the Internal Revenue Service (IRS).

The specific penalty for the late filing of Form 1098-C (Contributions of Motor Vehicles, Boats, and Airplanes) can vary depending on the circumstances and the amount of delay. However, as of 2021, the penalty for filing the form more than 30 days late is $50 per form. If the delay is more than 6 months, the penalty increases to $260 per form. The penalty applies separately to each form that is not filed on time. It is important to consult the official IRS guidelines or seek professional advice for the most up-to-date and accurate information regarding penalties.

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