Discussion:Charity donations over 5,000
From TaxAlmanac
Discussion Forum Index --> Basic Tax Questions --> Charity donations over 5,000
Discussion Forum Index --> Tax Questions --> Charity donations over 5,000
Www.cpa1.biz (talk|edits) said: | 29 March 2009 |
| Almanacers,
One of clients donated around $3,000 FMV worth of noncash items to goodwill and a $3,000 FMV item to its church. I know if non cash donations exceed $5,000 then part 2 of the 8283 will need to be filled out and an appraisal may be needed. However because these donations are to two different locations, can we avoid filling out part 2 of the 8283 or once any group of items exceed $5,000, the part 2 will need to be filled out. Please advise. | |
| 30 March 2009 | |
| The valuation issues crop up when any SINGLE donation event exceeds the threshholds.
So in your case, so long as the donations were made to two different institutions and EACH are under the $ 5,000 level, just report it on P.1 of 8283. | |
| 4 April 2009 | |
| Also be sure that the recipient organization gave a receipt which shows that "no goods or services were received in exchange for this donation" on a timely basis. i.e. before the tax return is filed. | |
