Screen 1098C - Contributions of Motor Vehicles, Boats, and Airplanes (1120)

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Overview

To complete Form 8283, columns (e), (f) and (g) when the fair market value is $500 or less, mark the Print Form 8283 columns (e), (f), and (g) if not required checkbox in the Return Presentation tab in the Other Return Options dialog. To open this dialog, choose Setup and then 1120 Corporation, and select the Other Return Options button.

General Information

Type of property
This field is not used if the contribution is reported on Form 8283, Section A, Part I.

Donated Property Information

Date acquired by donor
Enter the date the donor acquired the property. If the contribution is reported on Form 8283, Page 1, Section A, Part I, this information is reported on column (e) if the fair market value of the contribution is greater than $500.
How acquired by donor
Identify the method by which the donor acquired the property. If the contribution is reported on Form 8283, Page 1, Section A, Part I, this information is reported on column (f) if the fair market value of the contribution is greater than $500.
Donor's cost or adjusted basis
Enter the cost or basis of the donated property in this field, including
0
(zero), if applicable. If the contribution is reported on Form 8283, Page 1, Section A, Part I, this information is reported on column (g) if the fair market value of the contribution is greater than $500.
Method used to determine fair market value
This field is not used if the contribution is reported on Form 8283, Page 2, Section B, Part I.
Bargain sale amount received
Enter the amount received for a bargain sale. When you select
Appraised fair market value
in the
Deduction code
field, this amount is subtracted from the amount entered in the
Fair market value
field for the contribution amount on the return.
note
This field is not used if the contribution is reported on Form 8283, Page 1, Section A, Part I.
Deduction code
This field is not used if the contribution is reported on Form 8283, Page 1, Section A, Part I.

Donee Certifications

Vehicle will not be transferred for proceeds before completion of material improvements
When this field is marked, the application calculates a deduction equal to the vehicle's fair market value entered in the
Fair market value on date of contribution
field.
Vehicle to be transferred to needy individual in furtherance of charitable purpose
When this field is marked, the application calculates a deduction equal to the vehicle's fair market value entered in the
Fair market value on date of contribution
field.
Value of goods and services provided
Enter the value of any goods and services provided in exchange for the vehicle donation. The allowable charitable deduction is reduced by the amount entered in this field, unless you enter
X
in the
Goods and services consisted solely of intangible religious benefits
field.
Donor may not claim deduction of more than $500
When this field is marked, the application calculates a deduction equal to the smaller of $500 or the vehicle's fair market value entered in the
Fair market value on date of contribution
field.

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