IRS Form 1098-C (Tax Year 2024)
Contributions of Motor Vehicles, Boats, and Airplanes
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New Electronic Filing Mandate
IRS mandates electronic filing of 10 or more information returns. The new threshold is effective for information returns beginning tax year 2023. FIRE TCC holders who submitted their TCC
application prior to September 26, 2021, must complete and submit a new application and verify their identity through ID.me, an IRS provider of sign-in services.
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More companies are moving to third party efiling solutions due to this new threshold and efiling requirements. Contact 1099FIRE at (480) 706-6474 for more information
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Original, Corrections, Prior Years
Not a problem. Our software and outsourcing services are capable of meeting your needs. Print and electronically file originals or corrections for current or prior tax years.
About IRS Form 1098-C
IRS Form 1098-C, "Contributions of Motor Vehicles, Boats, and Airplanes," is used to report donations of vehicles, boats, and airplanes to qualified charitable organizations. When a
taxpayer donates a vehicle, boat, or airplane to a charity, the organization must issue this form if the claimed value of the donation exceeds $500. The form provides essential
information about the donation, which the donor can use when filing their taxes to potentially claim a charitable deduction.
Who Issues Form 1098-C: Any qualified charity that receives a donation of a motor vehicle, boat, or airplane valued over $500 must issue Form 1098-C to both the IRS and the donor. The
charity is responsible for certifying the value of the donation and how it will be used.
Who Receives Form 1098-C: Individuals who donate a qualifying vehicle, boat, or airplane with a value exceeding $500 to a qualified charity will receive Form 1098-C. Donors use the
information from this form to support their claim for a charitable deduction on their tax return.
Purpose of Form 1098-C: The form is intended to ensure proper reporting and transparency in vehicle donations, helping both the IRS and the taxpayer establish the fair market value of the donated asset.
The form is also used to prevent fraud or inflated deduction claims, as the charity must report whether it intends to keep the vehicle for use or sell it.
Due Date: Furnish Copy B to the donor by January 31. File electronically by March 31.
