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Get Irs Instruction 1098-c 2017
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How to fill out the IRS Instruction 1098-C online
This guide provides a comprehensive overview of completing the IRS Form 1098-C online, which is used for reporting contributions of motor vehicles, boats, and airplanes. Follow the instructions below to ensure accurate completion.
Follow the steps to fill out the IRS Form 1098-C online.
- Press the ‘Get Form’ button to obtain the form and open it in your preferred editor.
- Enter the date you received the vehicle, boat, or airplane from the donor in Box 1.
- In Boxes 2a to 2d, provide the odometer mileage (for motor vehicles), year, make, and model of the vehicle. Ensure you use the correct format and information.
- Enter the vehicle identification number in Box 3, which is typically found affixed to the vehicle.
- If applicable, check Box 4a if the vehicle was sold to an unrelated buyer and complete Boxes 4b and 4c regarding the sale date and gross proceeds.
- Check Box 5a if you plan to make material improvements or significant intervening use of the vehicle, and provide details in Box 5c.
- Check Box 5b if you intend to sell the vehicle to a needy individual significantly below fair market value.
- In Box 6a, indicate whether any goods and services were provided in exchange for the vehicle, followed by describing those goods and services in Box 6c if applicable.
- If the claimed value of the vehicle is $500 or less, check Box 7 and move forward without filing the form.
Complete your IRS Form 1098-C online today to ensure accurate reporting of your vehicle donation.
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Receiving a 1099-C can significantly affect your taxes, as it typically indicates cancellation of debt, which may be considered taxable income. While IRS Instruction 1098-C deals with charitable donations, a 1099-C brings different tax implications. It’s essential to consult with a tax professional to understand how to manage this situation effectively and mitigate tax liabilities.
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