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Chula Vista California online Form 1098-C: What You Should Know
Donate a Boat We accept Boats! KBS accepts Boats because KBS is a registered not-for-profit organization that focuses on youth development and the provision of services to disabled individuals. You do not need to make a donation to KBS to receive support through this program. The Donate a Boat form is also provided with the IRS Form 1098. If you have more questions regarding the donation of a vehicle, boat, or plane, please contact us at. We will be glad to help you find the right car donation service that fits your budget. How does Form 1098-C work? The IRS Form 1098-C, Contributions of Motor Vehicle, provides information on the amount of a qualified vehicle's or airplane's fair market value (FMV) after an item of the depreciable life of the vehicle (such as tires and oil changes) is covered by the charity's IRS-approved tax shelter, program, or other program, or, after the replacement cost of the vehicle has been included in the fair market value of the depreciable product of the vehicle and the replacement cost of the equipment (such as new tires or new engine). As such, the form provides a direct method of determining the FMV of each vehicle or airplane. The form provides the total amount included in the FMV of the depreciable life of such vehicle, or in the FMV of the replacement cost of such replacement component of the depreciable product, after any fair market value of the rest of the vehicle or of the replacement cost has been excluded, and before any depreciation deduction is allowed. This includes any amounts that were previously excluded. If you make a donation of a qualified vehicle or airplane for which a special tax rate applies, the special tax rate on the FMV of the vehicle or airplane is not used in the computation of the FMV. The FMV is used in determining the cost of your donation. For more general information on determining the FMV of your car, boat, or airplane, please review the following chart.
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