Car Donation Question

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    Car Donation Question

    Hi,
    I am filling out the information for a car donation I made in 2011 in Turbo Tax. It is asking me for the method to determine the value. Which method should I use?

    Appraisal, Average Share Price, Catalog, Capitalization of Income, Comparative Sales, Consignment shop value, Present Value, Replacement Cost New, Reproduction costs less depreciation, thrift shop value

    I just donated the car and then later got a 1098-C for a value of greater than $500. I don't see any of the choices that match this situation.

    Thank you.

     
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    Re: Car Donation Question

    In Response to Car Donation Question:
    041d4fbccc12451654922b5252ce58d8 Hi, I am filling out the information for a car donation I made in 2011 in Turbo Tax. It is asking me for the method to determine the value. Which method should I use? Appraisal, Average Share Price, Catalog, Capitalization of Income, Comparative Sales, Consignment shop value, Present Value, Replacement Cost New, Reproduction costs less depreciation, thrift shop value I just donated the car and then later got a 1098-C for a value of greater than $500. I don't see any of the choices that match this situation. Thank you.
    Posted by slr2


    Dear slr2:

    If those are your only available choices, you should probably use the Appraisal method option as the representation.  Your deduction is limited to the amount reported on the Form 1098-C and you may get a request from the IRS for submission  of a copy of that form to support your claimed deductiion.

    Hope this helps in preparing your returns!

    Mark H. Misselbeck, C.P.A., M.S.T., Tax Principal
    Katz, Nannis + Solomon, P.C.
     
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