Wayne Michigan Form 1098-C 2025

Wayne Michigan Form 1098-C: What You Should Know

RUTH BODE SON. Forms — Wayne Area Form 956, Deduction for Vehicle Donation by Minors — Wayne County Form 826, Deduction for Vehicle Donation by Minors — Shelby County (A) A person who, at any time of the year with or without compensation, is in possession of property, and is a qualified donor of vehicles to any qualified organization, for use in transporting the organization's goods on a charitable basis, may deduct the fair market value, within the meaning of section 170(b) of the Internal Revenue Code (Tax Code), of the donated property and any excess over the fair market value of the donated property, within the meaning of section 170(b) of the Internal Revenue Code, if the donor complies with the requirements of section 170(g)(1) of the Tax Code. (B) A qualified organization may deduct the fair market value of all vehicles it receives in the calendar year in excess of the number of vehicle donations received in the previous calendar year as provided in section 170(i) of the Internal Revenue Code. The following are examples of transactions, with the corresponding deduction: Example 1: Two cars are donated to a charity. The fair market value of one of the cars is 5,000. One car was donated for a period of 12 months from December 2025 to December 2025 with a value of 2,000. The fair market value of the other car is 4,000. The tax deduction under section 170(g)(1) of the Code cannot be claimed. Example 2: A charity distributes two new cars to two different qualified donors by sending them separate documents. Both cars are donated to the same qualified organization for use on a charitable basis during the two charities' calendar year. Example 3: A charity transfers two vehicles to two separate qualified donors. One car, valued at 15,000, is donated to a charity for a period of three months during the year. The other car, valued at 6,000, is donated to a charity for a period of one year. The fair market value of both cars is 5,000. The charity cannot claim the deduction because both the charities are organized as religious organizations.

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