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I am attempting to complete Form 8283 in connection with the donation of an old automobile to charity. I have the Form 1098C issued by the charity. The value was determined by the charity by independent auction. Column "i" of the Form 8283 asks for the "method used to determine the fair market value. The options provided by TurboTax are: appraisal, average share price, catalog, capitalization of income, comparative sales, consignment shop value, present value, replacement cost new, reproduction cost less depreciation, or thrift shop value. Could someone tell me if there is a standard response of this situation? Thanks in advance for your reply.
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am attempting to complete Form 8283 in connection with the donation of an old automobile to charity. I have the Form 1098C issued by the charity. The value was determined by the charity by independent auction. Column "i" of the Form 8283 asks for the "method used to determine the fair market value. The options provided by TurboTax are: appraisal, average share price, catalog, capitalization of income, comparative sales, consignment shop value, present value, replacement cost new, reproduction cost less depreciation, or thrift shop value. Could someone tell me if there is a standard response of this situation? Thanks in advance for your reply.
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Doesn't it give you "other" for a choice? Our software does. I usually write in something like "auction sale price"

Bill
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The only other option is to leave it blank. I would prefer something along the lines of your "auction sale price" too. It may be time for an override.
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Given those choices, I'd go with comparable sales, I guess.

I don't think it's going to matter too much, unless, for example, you said "appraisal" and you don't have one.

Bill
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The only other option is to leave it blank. I would prefer something along the lines of your "auction sale price" too. It may be time for an override.
I'd probably override it if the software lets you.
The important thing IMO is to make sure you keep the records so if you ever did need to show evidence, you'd have it.
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