Pomona California Form 1098-C 2025

Pomona California Form 1098-C: What You Should Know

Example of Form 1098-C: A Donation A motor vehicle that is valued at 500 is donated to a charity. The charitable organization that receives the vehicle, boats and airplanes will also need Form 1098-C. On this form, the charity shows the charity that provided the vehicle's value, the type of vehicle, the date of donation, the name of the charity and the value of the vehicle. In addition, all the following statements from the donated vehicle are included. (i) “On (date of donation),” (ii) “Donor,” (iii) “Amount,” and (iv) “Deductible Expenses.” (v) “Organization,” (vi) “State,” (vii) “Office” Example of Form 1098-C: A Donation B Motor vehicle that is valued at 500 is donated to a charity. The charitable organization that receives the vehicle, boats and airplanes will also need Form 1098-C. On this form, the charitable organization shows the charity that provided the vehicle's value, the type of vehicle, the date of donation, the name of the charity and the value of the vehicle. In addition, all the following statements from the donated vehicle are included. (i) “On (date of donation),” (ii) “Donor,” (iii) “Amount,” and (iv) “Deductible Expenses.” In any case, the cost to the charitable organization of the vehicle is 500 or less. In cases where the vehicle qualifies for an exemption, the value of the vehicle is more than 500 and you donut need to file Form 1098-C. Form 1098-C: Deductible Expenses A donated motor vehicle (also called an aircraft) that is valued at 500 or less is deducted from the donors' adjusted gross income. An expense for the vehicle is allowed only to the extent of the cost of the donated motor vehicle. Example: On November 1, 2017, your gross income is 400,000. You donated a motor vehicle valued at 350 to an organization that would otherwise claim an exemption for tax years beginning in 2025 or 2018. The vehicle was placed in service on December 7, 2017. The total cost of the motor vehicle to you is 35,000 (excluding taxes) and you paid 15,000 in excise taxes.

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