Car Donation Question
posted at 3/18/2012 10:09 PM EDT
Re: Car Donation Question
posted at 3/19/2012 6:50 AM EDTIn 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
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.