What is IRS Form 8283?

IRS Form 8283 is used for non-cash gift to charity that are valued over $500 and helps the donor secure their deduction with the IRS.

IRS Form 8283 is used to report non-cash charitable contributions made by individuals and corporations, such as donations of property, artwork, securities, or other assets. The purpose of the form is to provide documentation to the Internal Revenue Service (IRS) to support the claimed charitable deduction and to prevent abuse of the tax system.

Individuals who make a non-cash charitable contribution worth more than $500 are required to complete and file Form 8283 with their tax return for the year in which the donation was made. Corporations must file Form 8283 for all non-cash contributions, regardless of the amount.

The form requires the donor to provide information about the donated property, such as its description, fair market value, date of acquisition, and how it was acquired. The form also requires the name and address of the recipient organization, as well as a statement from the recipient confirming the receipt and intended use of the donated property.

Depending on the value of the donated property, additional documentation, such as a qualified appraisal or a contemporaneous written acknowledgment from the charity, may be required to support the claimed deduction. Donors should consult with a tax professional or the IRS instructions for Form 8283 to ensure compliance with the applicable rules and regulations.

Overall, Form 8283 is an important tool for ensuring that charitable contributions are properly documented and accounted for under the tax code, and that the benefits of charitable giving are shared by donors and the organizations they support.