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Tax Filing Tips

Filing Guidelines

To receive a tax deduction for a donated vehicle, you must itemize your deductions, including any charitable contributions, on Schedule A of Form 1040 from the IRS. Include your Kar4Kids tax-deductible receipt with your tax return. You do not need to submit Form 1098-C as your official Kars4Kids receipt is considered sufficient documentation by the IRS. For vehicles worth more than $5,000, you will also need an IRS Form 8283, section B.

E-file Tips

Donors who are filing their taxes electronically follow the same guidelines detailed above. After E-FILING you will need to mail out IRS FORM 8453 along with your tax deductible boat donation receipt to the IRS (this is a substitute for the 1098-c). You do not need to mail in a copy of the tax return that was filed electronically.

Tax preparation software tips (Turbo Tax etc..)

Follow instructions for entering charitable donations. Enter the Charity name (which is Kars4Kids), Charity address (which is 1805 Swarthmore Ave., Lakewood, NJ 08701) and TAX ID number (which is 22-3746050). The date of donation and gross proceeds from sale are the date and amount listed on your receipt. YOU DO NOT NEED TO FILL OUT FORM 1098-c. the receipt we provided you is a LEGAL SUBSTITUTE for form 1098-c and should be used whenever prompted for information from form 1098-c.

If prompted for additional information regarding sale of vehicle enter as follows:
Only answer yes to the first choice below.  All other options should be left blank.

  1. (Answer Yes)  Donor certifies that vehicle was sold in arm’s length transaction to unrelated party
  2. (Leave Blank) Donor certifies that vehicle will not be transferred for money, other property, or services before completion of material improvements or significant intervening use
  3. (Leave Blank) Donor certifies that vehicle is to be transferred to a needy individual for significantly below fair market value in furtherance of donor’s charitable purpose
  4. (Leave Blank) Donor certifies the following detailed description of material improvements or significant intervening use and duration of use

Frequently asked questions about filing your boat donation

Q: Do I need to submit a Form 1098-c?
A: You do not need to fill out a 1098-c form. Simply attach the Kars4kids tax deductible receipt that you received for your boat donation to your tax return documents.

Q: My boat is not running can I still get a tax deduction?
A: Yes. Every vehicle has some value and IRS regulations allow the donor to determine the fair market value up to $500.

Q: What date will be on my receipt?
A: The date for your tax deductible receipt will be the day you submitted your donation to Kars4Kids.

Kars4Kids Tax tips featured on Fox4

Kars4kids does not provide any individual tax advice. Above information was taken from IRS guidelines as noted at irs.gov.

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