AK Form 1098-C 2025

AK Form 1098-C: What You Should Know

Note: If you are not a done organization, see the below table for a guide on calculating what you need to report. 1098-C Requirements for Done Organizations — Publication 970.3, Done Organizations. Form 1098-C is also used to report donations of gifts of property or services, such as computers, office supplies, and equipment, to which the organization didn't give you any consideration. If you are a done organization, you are required to calculate the fair market value of the equipment. For more information on the 1098-C, see Publication 970.3, Done Organizations and 1098-C — IRS Publication 970: Voluntary Organizations. Example Use: You donate a boat to a charity. Form 1098-C is used to get the fair market value of the boat. Don't get in a bind! Tax-wise there is no need to file 1098-C when you're making a return. Instead, keep a copy of the 1098-C in your file that you want to use for future records. If you are filing a joint return or a return reporting more than one income stream, you must file a consolidated return with them. Form 1098-C Related Resources Form 1098-C and Donations of Qualified Property and Deductions — IRS Form 1098-C is used to report the fair market value of the property and deductions you donated to qualified organizations, such as hospitals or charities. Form 1097-R, 1099-R, U.S. Income Tax Return Withholding for Donations, (formerly S-Corp Status) — IRS If you donate 25,000 to a qualified organization before April 6, 2017, the IRS may treat your donation as an election to contribute 50,000. Therefore, this amount is withheld from your U.S. income tax return as a contribution. The election would remain in effect for up to five years, and if a qualified organization chooses not to accept the contribution, the election is revoked. Form 1097-R Related Resources Form 1097-R Related Resources Form 1097 — U.S.

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