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By claiming charitable donations as tax deductions on Form ... For these donations, you must attach Form 1098-C to your Form 1040. Fewer requirements apply if you donate a car worth less than $500.
An organization must meet certain requirements set forth in the code. Some organizations must also file a request with the Internal Revenue Service to gain status as a tax-exempt non-profit charitable organization under section 501(c)(3) of the tax code. A non-exhaustive list of organizations that may meet the Federal requirements are as follows:
The U.S Internal Revenue Service advises that starting in 2005: The rules for determining the amount that a donor may deduct for a charitable contribution of a qualified vehicle, including an automobile, with a claimed value of more than $500 changed at the beginning of 2005 as a result of the American Jobs Creation Act of 2004.
The Form 1098, Mortgage Interest Statement, is used to report interest that a taxpayer has paid on his or her mortgage. Such interest might be tax-deductible as an itemized deduction; The Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, reports charitable contributions of motor vehicles
The IRS mileage reimbursement rate is a deduction you can take for using a vehicle for qualifying purposes. This includes business, medical, moving or charitable purposes.
How do you handle entering a 1098 form while preparing your taxes? Watch this helpful TurboTax video guide to learn more. Where Do I Enter a 1098 Form in TurboTax?
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