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Instructions for Form 1098-C Section references are to the Internal Revenue Code unless otherwise noted. Reminders General Instructions. See the 2012 General Instructions for Certain Information Returns for more information on how to file. Do not file Form 1098-C for a contribution of a qualified vehicle with a claimed value of 500 or less. Provide the donor with Copies B and C of Form 1098-C or your own acknowledgment that contains the required .

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When you donate a vehicle to charity, you may be able to deduct it as a charitable contribution if you itemize your deductions. Soon after donating a vehicle, boat or airplane, the charitable organization may send you a Form 1098-C that reports details about the donation that may impact your deduction.

If you pay $600 or more in mortgage interest during the year, your lender must send you a 1098 tax form. If your mortgage interest is less than $600, your lender doesn't have to send you this form.

You are not required to attach IRS Form 1098-T to your tax return. The IRS Form 1098-T is not like the IRS Form W-2 obtained from your employer, which is required to be attached to the tax return filed with the IRS.

It is generally recommended to file as soon as possible if you have missed the deadline to file form 1098 as the penalty increase with time. The penalty is: If you file within 30 days of the deadline the penalty is $30 per 1098 form with a maximum of $250,000 per year or $75,000 for small businesses.

If you donate a qualified vehicle worth more than $500, the charity should send you Form 1098-C. The tax form provides the IRS with details about your donation. You'll need to file your 1098-C with your federal income tax return if you want to claim your donation as an itemized deduction.

Use Form 1098, Mortgage Interest Statement, to report mortgage interest (including points, defined later) of $600 or more you received during the year in the course of your trade or business from an individual, including a sole proprietor. Report only interest on a mortgage, defined later.

If you e-file your tax return, you'll need to mail a copy of Form 1098-C to the IRS along with Form 8453 after you e-file, or include Form 1098-C as a PDF attachment if your tax software allows. The 1098-C shows the gross proceeds from the sale of the vehicle unless one of the following two exceptions applies.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232