Tax Form 1040/car Donation/1098c/california?

Date : February 10th, 2010Category : Car Donation Orange CountyAuthor : Editor3 Comments

Hi,
I just donated my car for Goodwill and I got their 1098C form. The max amount listed is 650 dollars which means this is the max i can write off. i was wondering how i can write off this max amount? is it going to be on Form 1040? or is there other form I have to attach? is this write off has to do with line 40 on form 1040 (itemized deduction?)
P.S. I would like to e-File!
thanks all

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This entry was posted onFebruary 10th, 2010 at 2:58 am. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can Trackback..
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  1. the tax lady

    A donation of a vehicle of over $500 would be a charitable contribution reported on a form 8283. Then the total would be carried to Sch. A, itemized deductions, which you will have to file form 1040 to use. Therefore you would need to have more itemized deductions than the standard deduction for your filing status to reduce your income by the higher amount, thus lowering your tax liability.
    You will have to attach Copy B of your Form 1098-C to your 1040 when filing your income tax return. If you are electronically filing, you should have the option of mailing this form separately to the IRS.
    Laura H – H&R Block – Senior Tax Advisor 5
    **This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

    February 10, 2010 3:03 am | #1
  2. Mark

    If you are single, you add the $650 to your schedule A. If you have at least $4800 in other itemized deductions, you can itemize. (You get $5450 just because live and breathe.)
    If you can’t itemize, the deduction is worthless to you…other than a warm fuzzy from doing a good thing.

    February 10, 2010 3:07 am | #2
  3. hrblock.

    Was the form filled out properly? Or at all? A study was done by a Calif TV station last year on donated vehicles and folks not getting what they expected. Only in about 10% of cases, even with the forms in various form, did the system result in good results.

    February 10, 2010 3:24 am | #3