donation of car over $5,000

[bbackues]

I entered information on Schedule A, Noncash Contributions Smart Worksheet.   

My questions:   

1) What should I enter in How valued?   It would be nice is 1098-C was a choice 

2) Vehicle was sold by donee for $10,300.   ProSeries generated a Form 8283, but entered info in Section A, Donated Property of $5,000 or Less.   But should be Section B, Donated Property over $5,000 (and Part I with Vehicles checked).   How do I fix?    

Thanks in advance

[Terry53029]

Donner can not sell car, must be sold by charitable origination, and they will give donner a 1098C. Then you enter the 1098c in Pro Series. Do not put on schedule A worksheet

[sjrcpa]

1) How valued = Sales Price. That's what's on the 1098-C isn't it?

[bbackues]

Hey Champ

1)  The donee is the charitable organization that sold the car.  I didn't say the donor sold the car.   Nor did I say donner sold the car.

2)  If I took out my entry in the ProSeries' Schedule A Noncash Contribution Smart Worksheet and tried to enter just the 1098-C, the first error message that comes up says I need to enter information in the ProSeries' Schedule A Noncash Contribution Smart Worksheet.   

[bbackues]

In the ProSeries Schedule A Noncash Contributions Smart Worksheet, "Sales Price" is not a choice in its drop-down field "How valued"

[sjrcpa]

Then what are the choices?

Is there "Other", which then lets you type in something?

I don't use ProSeries.

[Terry53029]

@bbackues Sorry haven't done one in quite a while. You do put on schedule A after you fill out the 1098C. in the how valued question I answer "present value" Did a mock 1098C, and put on schedule A. Got no errors. Following are instructions from IRS.

Instructions for Donor Caution: You must attach Copy B of Form 1098-C to your income tax return in order to take a deduction for the contribution of a qualified vehicle with a claimed value of more than $500. (If you e-file your return, you must (a) attach Copy B of Form 1098-C to Form 8453 and mail the forms to the IRS, or (b) include Form 1098-C as a PDF attachment if your software program permits.) If you do not attach Copy B of Form 1098-C to your return (or to Form 8453) when required, the IRS will disallow your deduction. Generally, you must also attach Form 8283, Noncash Charitable Contributions, if the amount you deduct for all noncash gifts is more than $500. See the Instructions for Form 8283 for exceptions.

[Just-Lisa-Now-]

there is a 1098C to complete if you choose motor vehicle in the drop down menu for the Property Type in the non cash donation entry screen... it should pop up automatically when its over a certain dollar amount, I had one the other day.

[Terry53029]

Just to let you know my mock form was for only $2500 as if over $5000 I believe you also need an appraisal

[bbackues]

If I got a 1098C from the donee, I don't think I need an appraisal

[bbackues]

My conclusions

1)  I'm using 'Present Value' in the 'How valued' field as a choice in ProSeries Section A Noncash Contributions Smart Worksheet

2) I am going to accept the Form 8283 that ProSeries generates with the vehicle information listed in Section A (instead of Section B).   I was hung up on the value (sold for $10,300 on 1098-C), but Form 8283 says Section A is to be used for Donated Property of $5,000..."and certain other property even if the deduction is more than $5,000".   I missed that fine print.

Thank you all for your help