Did you donate a vehicle, stocks, property, art, or other noncash items to qualifying charities this year? If so, you may be able to deduct the value of those items from your taxable income if you itemize your deductions — including noncash contributions.
What Is Form 8283?
When You Should File Form 8283
1. Who Can Use Form 8283?
2. Do C-Corps Need to File Form 8283?
3. What Type of Contributions Do You Report?
4. Where Do You Report Contributions on Form 8283?
5. What Details Do You Need About Noncash Donations?
How to Report Noncash Donations Worth Over $5,000
You need to include the following details on Form 8283 if you’re claiming deductions for noncash donations worth over $5,000. This information applies to Section B of the form.
1. Information on Donated Property
2. Description of Donated Property
3. Appraisals for Items Reported
Ensuring that you get the right deduction for these valuable contributions and reporting the above information on your Form 8283 is a critical part of this process. Unfortunately, the IRS may reject your deduction if you fail to provide adequate supporting documentation for your claims. Always speak to a tax professional to make sure your form is filled out correctly.
Potential Complications with Form 8283
Get Help with Form 8283
Silver Tax Group is dedicated to providing our clients with the high-quality help and services they need to navigate the world’s most complicated tax code. Have you made a noncash contribution? Want to ensure you get the maximum deduction for your donation? Contact Silver Tax Group for help filing Form 8283.