The boxes that matter most
- Box 1: date of contribution, the day we received the boat
- Boxes 2b to 2d: year, make, and model
- Box 3: identification number, the HIN for boats
- Box 4a to 4c: if we sold the boat to an unrelated buyer, the sale date and gross proceeds
- Boxes 5a to 5c: if an exception applies, such as significant use or material improvement
- Boxes 6a to 6c: whether you received anything in return (you will not)
- Box 7: if checked, your deduction is limited to $500
When it arrives
We generally send Form 1098-C within 30 days of the sale. If an exception applies, the timing is based on the contribution date instead.
Using it on your return
Attach Copy B to your return, or keep it with your records if you e-file, and complete Form 8283. Check with your tax advisor on the current filing requirements.
If an exception applies
Boxes 5a to 5c describe significant use, material improvements, or a transfer to a person in need. If one is checked, your deduction may be fair market value, and a qualified appraisal is generally required above $5,000.
Keeping the form
Keep Copy C for your records along with photos of the boat and the signed title or bill of sale.
If something looks wrong
If the boat details or dates on your form look wrong, call us before you file. We can issue a corrected form if needed.
Questions
Box 2a asks for mileage. Does that apply to boats?
No. Odometer mileage applies to cars. It is left blank for boats.
What if the boat sells next year?
The deduction is still for the year you donated. You may need to wait for the 1098-C, or file an extension.
I did not receive my 1098-C. What should I do?
Call us. If the boat has not sold yet, it will arrive after the sale.
Can I file before I receive the 1098-C?
If you are claiming more than $500, you generally need it. Ask your advisor about extensions.
Will the IRS receive a copy?
Yes. Charities file Form 1098-C with the IRS.