What is Form 8283: Noncash Charitable Contributions?

Tax filers can deduct noncash contributions from an eligible charity organization using IRS Form 8283: Noncash charity contributions. Deductions for charitable donations are considered itemized.

Securities, property, automobiles, collectibles, and art are non-cash donations. Download the form from the IRS website.

Who Can File Form 8283 Noncashash Charitable Contributions?

For charitable gifts over $500, individuals, partnerships, and companies can use this form to declare them. C companies are exempt from the $500 restriction and must only submit Form 8283 for charitable donations over $5,000.Form 8283 allows you to record up to five gifts to five organizations, and you can attach as many as you need to your 1040.

For volunteer or charity activity out-of-pocket costs or cash or credit card contributions, do not utilize Form 8283.

Form 8283 cannot set charitable donation restrictions for taxpayers.

Filing Form 828: Non-Cash Charitable Contributions

The filer must first provide their name and number. This is the employer identification number (EIN) for corporations. Individuals use their Social Security number (SSN).

For each column in Part I of Section A, the filer will enter the following:

• A—Organization name and address
• B—Vehicle identification number (VIN) for vehicle properties.
• C—Describe the property, including the year, make, model, mileage, and condition if it’s a car. Enter the name and number of shares for securities.
• D—Contribution date
• E—Property acquisition date
• F—Property acquisition details
• G—Cost or adjusted basis(This should not be filled out for publicly traded shares or property held for at least 12 months.)
• H—Fair market value

What did the filer do to get fair market value?

Suppose you owned less than half of a property in the preceding section. Complete Part II. Taxpayers who submit Form 8283 and contribute motor cars, yachts, or airplanes may include Form 1098-C, which indicates gross proceeds.

Appraisals

Donated noncash objects may need an evaluation to ascertain their value. Examples are artworks over $20,000 or more, most jewelry and stones, and secondhand home goods above $500 in poor condition.

There is no need for an appraisal for publicly traded securities, inventory, or property held mainly for sale to customers in the ordinary course of your trade or business—a qualified vehicle (like a car, boat, or airplane)—if your deduction is limited to the gross proceeds from its sale. You got a written acknowledgment and intellectual property at the time of sale.

The taxpayer and appraiser fill out Part I of Section B, like Section A. An appraiser declaration is required. In addition to the form, the filer should keep the assessment. The noncash contribution receiver must sign an acknowledgment with their name, ID number, address, and officer signature.

For what is IRS Form 8283 used?

Form 8283 reports noncash donations above $500 to approved charities. The IRS lets you deduct such payments as itemized deductions.

Who files Form 8283?

Private people, partnerships, and companies can use the form. Submit as many forms as donations—each form holds five.

Does a noncash donation need an appraisal?

Under specific conditions. A competent appraiser must write up a $20,000+ art appraisal. Any home item in poor condition needs an evaluation. Jewelry and stones usually require appraisals.

However, all publicly traded stocks and intellectual property are exempt from assessment.

Conclusion

• Donated non-cash objects may need appraisals.
• Intellectual property and private stock under $10,000 do not need appraisals.
• For volunteer or charity activity out-of-pocket costs or cash or credit card contributions, do not utilize Form 8283.