1098-C Deduction for donated car

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  • #1818
    ej631
    Participant

    Donated a car to Goodwill; it was sold for more than $500. They require to call in my SSN so that they can give me a 1098-C. Would you trust calling in your SSN to a ‘John Doe’? Without 1098-C can’t claim the sale amount as a tax deduction; can only claim $500, which I already am able to claim even without the car donation.
    Appreciate any comments, advice. Thanks much!

    #1819
    kaneohe
    Participant

    I guess I’d be a bit nervous too. Can you even make use of it? Itemizing w/ the new higher std deduction.

    #1820
    ej631
    Participant

    Thanks Kaneohe. Unfortunately can really use the car donation deduction; losing quite a bit of deductions because of limit on state/city income and real estate taxes

    #1821
    kaneohe
    Participant

    Perhaps compare your std deduction w/ your itemized deduction w/ the car sale price. The amount by which your itemized deduction exceeds the std deduction times your marginal tax bracket is your extra benefit for itemizing. Then you’d have to see if that extra
    benefit is worth giving your SSN away…..only you can decide that.
    It does look like they do need your SSN for the 1098-C so it’s
    probably ok.

    • This reply was modified 2 years, 9 months ago by kaneohe.
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