Santa Ana California Form 1098-C 2025

Santa Ana California Form 1098-C: What You Should Know

You can send your contribution to  Filing Form 1098-C for your Santa Ana, California City's Organization For the purposes of the IRC Section 170(b)(1)(A) and (B) and Section 170(d)(1)(A) for certain property described in Section 170(e)(1)(A), the aggregate fair market value of all the property for each year is the greatest of 5,000 (or in the case of an interest in a qualified retirement investment plan, the sum of 75,000) and the fair market value of the income or capital gain on such property for such year. The IRC Section 170(e)(1)(A) provides that such property cannot be used in a disqualifying way (such as to avoid tax liability or avoid payment of dividends) with respect to the donor for at least five years. The fair market value must be computed using the fair value option. If the fair market value is 0, the donor is not subject to section 170(e)(1)(A) until after the five-year period commences. IRC Section 170(e)(1)(B) provides that such property is subject to section 170(e)(1)(A) for a period of more than five years if the fair market value of the property is more than 75,000 and more than one year if the value is more than 50,000. IRC Section 170(f)(1)(A) provides that the excess of the value of property over the value of any exemption for the property. To qualify as a deductible organization, an organization must do the following: Pay the required tax on an annual basis at least once in the calendar year in which the last date of distribution occurs The organization must use its entire assets in good faith to carry on a qualified charitable activity, including the development or management of its property, and must have for at least 50% such activity for the full calendar year in which the last date of distribution occurs; and Not lose its exemption based on any reason which prevents it from complying with the requirements described in subsection (A) above; and Provide its entire assets to its qualified charitable activity on a one-for-one basis. If its assets are not used by its qualified charitable activity, the organization must report all distributions, including an estimated value of the property and any other contributions, in the same calendar year or within six months after the last date of distribution at a reasonable time in that calendar year.

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