Who needs a form 8283?
This is a form for Noncash Charitable Contributions. It is filed by individuals, corporations and partnerships, if the amount of deductions for all noncash gifts is more than $500 (for individuals, partnerships and S corporations) and $5000 (for C corporations).
What is form 8283 for?
Remember that this form should not be used for reporting out-of-pocket expenses for volunteer work or the amounts given by check or credit cards. These items should be considered as “cash contributions” for taxation purposes. You should only report noncash charitable contributions with the form 8283.
Is it accompanied by other forms?
Partnerships and S corporations will inform you of your share and contributions with a copy of Schedule K-1 (form 1065 or 1120S). To figure out your deduction correctly, use the amount shown on Schedule K-1, not on the form 8283.
When is form 8283 due?
This form should be filed with an appropriate (individual or corporation) annual tax return at the end of the tax year.
How do I fill out a form 8283?
There two sections to fill out depending on what you donated. Fill out Section A, if you donated property worth of $5000 or less and publicly traded securities; and complete Section B, if you donated property over $5000 (except publicly traded securities). You will have to provide information on donated property in both sections. However, in Section A you are required to disclose partial interests and restricted use property, while in Section B you must add taxpayer statement, declaration of appraiser and donee acknowledgement.
Where do I send it?
Mail it to the IRS or submit it electronically at the IRS official website.