What Is Form 8283: Noncash Charitable Contributions?
Form 8283: Noncash Charitable Contributions is a tax form distributed by the Internal Revenue Service (IRS) and used by filers who wish to deduct non-cash contributions made to a qualifying charitable organization. Deductions for non-cash contributions are reported as itemized deductions.
Non-cash contributions can include securities, property, vehicles, collectibles, and art. The form can be downloaded from the IRS website.
- Donated non-cash items may require an appraisal to determine their value.
- Appraisals are not required for private stock valued at $10,000 or less and intellectual property.
- Form 8283 should not be used for out-of-pocket expenses generated by volunteer or charitable work or for cash or credit card contribution payments or expenses.
Who Can File Form 8283: Noncash Charitable Contributions?
This form is available for individuals, partnerships, and corporations to report their non-cash charitable contributions if the deduction for the non-cash gift equals more than $500. The only exception to the $500 rule is for C corporations, which must file Form 8283 only if their charitable donation exceeds $5,000. You can list up to five donations to five different organizations on Form 8283, and if you had more donations, you can attach as many Form 8283s to your 1040 as you need.
Form 8283 should not be used for out-of-pocket expenses generated by volunteer or charitable work or for cash or credit card contribution payments or expenses.
How to File Form 8283: Noncash Charitable Contributions
The filer will then fill out the following information for each column in Part I of Section A:
- A—Name and address of the organization
- B—Vehicle identification number (VIN), if the property is a vehicle
- C—Property description (If it is a vehicle, the year, make, model, mileage, and general condition must be included. For securities, the name and number of shares must be inputted.)
- D—Date of contribution
- E—Date when the property was acquired
- F—Details on how the property was originally acquired
- G—Cost or adjusted basis (This should not be filled out if the property was held for at least 12 months or for publicly traded securities.)
- H—Fair market value
- I—How the filer achieved the fair market value
Part II should be filled out if there was less than an entire interest in a property listed in the previous section. Taxpayers who file Form 8283 and have made contributions of motor vehicles, boats, and/or airplanes may also include Form 1098-C, which shows the gross proceeds.
Donated non-cash items may require an appraisal to determine their value. Such items include art pieces valued at $20,000 or more, most jewelry and gems, and used household goods valued over $500 that are not in good or better condition.
Appraisals are not required for private stock valued at $10,000 or less; publicly traded securities; inventory or property held primarily for sale to customers in the ordinary course of your trade or business; a qualified vehicle (including a car, boat, or airplane) if your deduction for the vehicle is limited to the gross proceeds from its sale and you obtained a contemporaneous written acknowledgment; and intellectual property.
Part I of Section B, which is similar to Part I in Section A, is filled out by the taxpayer and/or the appraiser. The appraiser must also sign a declaration. The appraisal is not required to be submitted with the form, but it should be kept with the filer’s records The recipient of the non-cash donation must sign an acknowledgment and include its name, identification number, address, and a signature from an authorized officer.
What is Internal Revenue Service (IRS) Form 8283 used for?
Form 8283 is used to report non-cash contributions of more than $500 to qualifying charitable organizations. The Internal Revenue Service (IRS) allows you to use such contributions as itemized deductions on your taxes.
Who can file Form 8283?
The form can be utilized by individuals, partnerships, and corporations. Each form has room for five donations, and you can submit as many forms as you have donations.
Do non-cash contributions require an appraisal to prove their worth?
Only in certain circumstances. Art pieces valued at $20,000 or more need a written appraisal from a qualified appraiser. A household good that is not in good or better condition must have an appraisal. Jewelry and gems almost always require an appraisal.
On the other hand, private stock valued at $10,000 or less, all publicly traded securities, and intellectual property are among the items that do not need an appraisal.