 | Changes in the tax law do not affect the benefits that Rawhide receives from your donation. The tax law change did, however, affect the amount of your deduction based on the type of donation and the amount you intend to claim.
1. For vehicle donations (cars, trucks, motorcycles, boats, airplanes):
a. Up to $500: you may deduct the fair market value (private party)
b. More than $500: you may deduct the amount the donation is sold for by Rawhide
2. For miscellaneous donations, which are non-vehicle donations (real estate, jewelry, recreational vehicles, campers, etc.), you may deduct the fair market value. For items valued at more than $5000, you must obtain a qualified appraisal.
In order to ensure compliance with IRS requirements as they apply to your specific donation and circumstances, always consult a qualified tax professional. |
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| Filing Electronically and Claiming $500 or Less | | Some electronic tax filing applications such as Turbo Tax or H&R Block may require you to use the 1098-C although it is not required by the IRS.
The 1098-C Copy C can be used to fullfill the contemporaneous written acknowledgment from the non-profit. This is to be used for your own personal records, no Tax ID is required since the IRS does not require the form to be sent in if you are claiming $500 or less. |
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| | | | For your convenience this provides information on specific instructions on completing a 1098-C including who must file, what needs to be on the acknowledgment. |
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