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#2
08-04-2005, 12:43 PM
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 Re: Draft 2005 Form 1098-C Vehicle, Etc. Contributions - quote - > > I'm a little confused about the exception of not being http://www.syracuse.com/search/index....xml?syrnesreg> > limited to the gross proceeds of the sale if the donee > > organization performs material improvements before the sale. > > > One of our local charities seems to think that donors will > > be better off donating to them than to other charities > > because they fix up the cars before selling them. To me this > > would imply that the FMV at the time of donation was LESS > > than the sale proceeds. - quote - > Copy B of the Form 1098-C says "Unless box 5a or 5b is
Right. So if box 5a is checked (the organization spends> checked, your deduction cannot exceed the amount in box 4c". > Box 4c is the gross proceeds from the sale of the item by > the charitable organization. time and money to fix up the car), you can potentially deduct MORE than they sell it for. -- Don EA in Upstate NY << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#1
08-02-2005, 02:14 PM
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| Re: Draft 2005 Form 1098-C Vehicle, Etc. Contributions "Don Priebe" <priebe[at]iname.com> wrote: - quote - > I'm a little confused about the exception of not being
Copy B of the Form 1098-C says "Unless box 5a or 5b is> limited to the gross proceeds of the sale if the donee > organization performs material improvements before the sale. > One of our local charities seems to think that donors will > be better off donating to them than to other charities > because they fix up the cars before selling them. To me this > would imply that the FMV at the time of donation was LESS > than the sale proceeds. > http://www.syracuse.com/search/index....xml?syrnesreg checked, your deduction cannot exceed the amount in box 4c". Box 4c is the gross proceeds from the sale of the item by the charitable organization. Wayne Brasch << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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08-01-2005, 01:24 AM
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| Re: Draft 2005 Form 1098-C Vehicle, Etc. Contributions I'm a little confused about the exception of not being limited to the gross proceeds of the sale if the donee organization performs material improvements before the sale. One of our local charities seems to think that donors will be better off donating to them than to other charities because they fix up the cars before selling them. To me this would imply that the FMV at the time of donation was LESS than the sale proceeds. http://www.syracuse.com/search/index....xml?syrnesreg -- Don EA in Upstate NY << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
07-30-2005, 05:18 AM
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| Draft 2005 Form 1098-C Vehicle, Etc. Contributions Draft - 2005 Form 1098-C Contributions Of Motor Vehicles, Boats, And Airplanes http://www.irs.gov/pub/irs-dft/d1098c.pdf << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| 1098c, 2005, contributions, draft, form, vehicle |
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