Create Form 1098 C

Form 1098 C: What Is It?

A Form 1098-C is used by the Internal Revenue Service for tax filing purposes. It is also known as a Contributions of Motor Vehicles, Boats, and Airplanes form. It will be used for any contribution related to these vehicles that is worth more than $500. Only qualified vehicles will count towards this form; any vehicles held primarily for sale to customers does not qualify.

This form will require various information about the car and the contribution. The date the contribution is made and/or the date of the car’s sale will be needed. For the car, you will need to list how many miles are on the odometer, the vehicle identification number, and the vehicle’s monetary value. If the car has been involved in a sale, the details of the sale must be listed.

The more information you include, the likelier it is you will get a tax break. Be sure to list the conditions of the sale to ensure it was appropriate for this form. Remember that it must be a sale to a needy individual below market value or involved in an arms-length sale to qualify.