Donation

[Naila Ahmad]

My client had a car under her S-coprations's name and depriciated it over its whole life. Now she donated the car to national kidney foundationand they sent her a letter that the car was sold for $950. Can I take the deduction for this contribution, where and how? the letter has client's S.S # on it. Any help will be appreciated.

[grandmabee]

My client had a car under her S-coprations's name and depriciated it over its whole life. Now she donated the car to national kidney foundationand they sent her a letter that the car was sold for $950. Can I take the deduction for this contribution, where and how? the letter has client's S.S # on it. Any help will be appreciated.

is her basis zero?

[indyscott]

I wish people would keep their personal vehicles out of their corporations...

But, charitable donations of an S-corp are supposed to be separately stated items, to be passed through to the shareholder, and handled by the shareholder as they would have handled them if they were the donor. It should go on Sch K line 12a, no?

[Linda Mathey]

I may be wrong but I thought that the amount of the contribution was your basis or the FMV on date of donation whichever is less.

[MAMalody]

I may be wrong but I thought that the amount of the contribution was your basis or the FMV on date of donation whichever is less.

With vehicles a Form 1098-C is to issued by the donee organization within 30 days of the transfer to a private party. The amount deductible will be the gross sales price when the organization sells the donated vehicle. The amount deductible will be the blue book value (determined by the donor) when the organization retians the vehicle for its usage.