Form 8283

AAA

DEFINITION of 'Form 8283'

A tax form distributed by the Internal Revenue Service (IRS) and used by filers who wish to deduct noncash contributions made to a qualifying charitable organization. Deductions for noncash contributions are reported as itemized deductions. Noncash contributions can include securities, property, vehicles, collectibles or art.

INVESTOPEDIA EXPLAINS 'Form 8283'

Unlike donating cash, the donated noncash items may require an appraisal in order to determine value. Form 8283 requires a declaration by the appraising party indicating that the party is not the donor, donee, party to the transaction and does not have any conflict of interest that might influence the value at which an item is appraised.

RELATED TERMS
  1. Tax Deduction

    A deduction from gross income that arises due to various types ...
  2. Philanthropy

    Charitable giving to human causes on a large scale. Philanthropy ...
  3. 1040 Form

    The standard Internal Revenue Service (IRS) form that individuals ...
  4. Gift

    Property, money or assets that one person transfers to another ...
  5. Charitable Donation

    A gift made by an individual or an organization to a nonprofit ...
  6. Schedule A

    A U.S. income tax form used by taxpayers to report itemized deductions, ...
Related Articles
  1. Taxes

    Deducting Your Donations

    Generosity may be its own reward, but some charitable giving also provides personal tax benefits.
  2. Taxes

    An Overview Of Itemized Deductions

    Not taking the standard deduction this year could save you hundreds of dollars.
  3. Taxes

    10 Money-Saving Year-End Tax Tips

    Getting organized well before the deadline will curb your frustration and your tax liability.
  4. Taxes

    Why You Should Itemize Your Tax Deductions

    This strategy of moving your tax deductable payments and donations to the following year could mean hundreds more on your return.
  5. Taxes

    Give To Charity; Slash Your Tax Payment

    Being generous has never been more (financially) rewarding!
  6. Taxes

    10 Most Overlooked Tax Deductions

    The receipts you cram into your wallet could be replaced with cash come tax season.
  7. Retirement

    Non-Cash Contribution Rules Could Cut Returns

    Higher standards for certain contributions could mean smaller deductions for you.
  8. Taxes

    Which Is Better? Tax Preparer Or Tax Software

    Every taxpayer – and every year – is different, so here are four factors to help you decide whether a tax pro or software is best for you.
  9. Taxes

    7 Commonly Overlooked Tax Deductions

    Don't pay more taxes than you have to because you've missed taking legitimate tax deductions. Here are just a few you may have overlooked.
  10. Taxes

    Filling Out Form 4562: Investopedia Explains

    Step-by-step, how to fill out the depreciation and amortization form for your business tax return.

You May Also Like

Hot Definitions
  1. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  2. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  3. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  4. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  5. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
  6. Gordon Growth Model

    A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. ...
Trading Center