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:
[QUOTE]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[/QUOTE]
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.