Learn More About Form 1098-C
What is a 1098-C?
Form 1098-C is used to report contributions of motor vehicles, boats, and airplanes to charitable organizations.
Why do I file 1098-C?
The IRS requires that all income and deductible expenses are reported by businesses and individuals or penalties could apply.
Who needs to file 1098-C?
A donee organization must file a separate Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, with the IRS for each contribution of a qualified vehicle that has a claimed value of more than $500. A qualified vehicle is any motor vehicle manufactured primarily for use on public streets, roads, and highways; a boat; or an airplane. However, property held by the donor primarily for sale to customers, such as inventory of a car dealer, is not a qualified vehicle. See the official IRS instructions.
When do I file 1098-C?
1098-C forms are required to be mailed to the recipient 30 days from date of sale or contribution and e-filed with the IRS by March 31, 2017.
1098-C Reporting Information
|What to report||Amount to report|
|Information regarding a donated motor vehicle, boat, or airplane.||Each sale of a donated vehicle that has gross proceeds of $500 or more.|