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Scottsdale Arizona online Form 1098-C: What You Should Know

Form 1098-C/ Form TD and IRS Form 1098-C/ Form TD (Rev. October 2011) The 1098-C/TB are two forms that are the same amount, but used for different reporting activities and purposes. These amounts may vary from one year to another. Form 1098-C/B/TD are used for the reported amount.  Form 1073: Required information regarding qualified motor vehicles ​ (Revised May 2014) Required information regarding the contributions of qualified motor vehicles for an organization and other qualified contributions. Form 1065: Required information regarding all proceeds from the sale of the sale of property Required information for an organization who sells taxable-property to its members and who makes any related contributions to an organization (referred to as a “Qualified Related Organization” or “PRO” in this Form 1065) Form 5498: Required information regarding a qualified organization's expenses and its qualified expenses (includes the organization's income for the year from a qualified source)—the organization's estimated expenses as of the end of the tax year. The Form 5498 is used to report expenses that have been incurred up to, from, or after any year (excluding any year in which no related organization is listed on this Form 5498): Required information for an organization that has an end-of-year reported income and who, for the taxable year beginning after March 15, 2017, claims a deduction for, or itemizes deductions for, eligible expenses in excess of actual expenses. The organization must have an end-of-year reported total income from all eligible expenses incurred between October 1, 2016, and December 31, 2016. If a qualified organization does not itemize its deductions and pays total expenses in excess of actual expenses during the calendar year, the organization can report deductions of up to 50,000 (50,000/3x the number of qualifying expenses for which the organization is claimed as a PRO in the 2025 calendar year) as qualified expenses. An organization whose income and expenses during the calendar year exceed these amounts cannot file Form 5498. This is a major change in the IRS's requirements for a PRO qualification (refer to the IRS's Form 5496 for more detail). The new rules require an organization to report PRO for the taxable year beginning after the last day of the year ending with the year for which the PRO qualification is granted.

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