Sentence 1: Well, you got 1098 in the mail, huh? Sentence 2: One of these is actually good news for you because this is a mortgage interest statement. Sentence 3: What it is, is your lender has to report to the IRS all the interest that you pay down there on its desk. Sentence 4: So, if you had a mortgage and whether you did a short sell or closure, a loan modification or whatever the case is this last year, if you made payments to the lender, they have to claim those to the IRS. Sentence 5: The IRS is going to be told, by the way of this form here, that 1098, that you did make those payments. Sentence 6: The reason you get this is because, under the tax code, you get to deduct those mortgage interest payments that you made from your taxable income. Sentence 7: So, this is a great document to have. Sentence 8: You're not going to want to lose it, okay? Sentence 9: I have highlighted 1. Sentence 10: 1 is the one you need to be most concerned with. Sentence 11: That's just how much you pay during the year. Sentence 12: That's the amount you're going to be able to deduct when you're filling out TurboTax or your 1040 ez or whatever it is you're filling out for taxes. Sentence 13: Orange file through your accountant. Sentence 14: We have a couple of great accountants that we work with here. Sentence 15: I'm going to put their information down below for you. Sentence 16: One is Amy Hannigan; the other is John Griffin. Sentence 17: They're both here locally. Sentence 18: One may be closer to you than the other, but give them a shout if you need some additional...
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1098-C Form: What You Should Know
Aug 11, 2024 — Form 1098-C is a form the IRS uses to prepare the IRS Form 1098-C, Contributions of Class I, II and III Vehicles, Boats, and the Airplanes, respectively. This form allows charitable organizations to claim a deduction for the actual acquisition cost for the donated vehicle (or boats, amphibians, airplanes and aircraft) or for the fair market value of the property for which it was donated. The deductible acquisition cost usually ranges from 10,000 to 500,000, while the fair market value of these donated motor vehicles, boats, and buoys is considered to be the cost at which the item would be sold by the public. Desktop: Form 1098-C — Contributions of Motor Vehicles Aug 11, 2024 — Each year, charities, civic, charitable, labor, and mutual benefit organizations (§ 501(c) (3) — IRC 1023), hospitals, nursing homes or similar organizations (§ 501(k) (3) — IRC 1041) and educational institutions (SEA) (4/25, IRC 5021) are eligible to file forms with the IRS on behalf of qualified organizations. By filing these Form 1098-C, a charity establishes a charitable contribution account to receive and distribute the value of vehicles, boats, and airplanes donated by qualified organizations to qualified organizations. A charitable organization is defined as any non-profit organization that meets the requirements for charitable deductions (8 CFR § 75.410(a).) All types of organizations, regardless of size, including a church, religious group, or similar organization, can make charitable contributions. The first charitable contribution in the account should be made to a “non-profit organization” with a name beginning with the letters L, R, B, A, F, S, R, B, T, L, and C and a description of that organization. In determining the amount of a contribution to the “qualified organization” the organization needs to give credit for the actual value of the donated motor vehicles, boats, and airplanes at the end of the year.
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