|
2. A vehicle (including a car, boat, or airplane) if your
<br />deduction for the vehicle is limited to the gross proceeds
<br />from its sale,
<br />3. Intellectual property (as defined on page 3),
<br />4. Certain securities considered to have market
<br />quotations readily available (see Regulations section
<br />1.170A- 13(c)(7) (xi)(B)),
<br />5. Inventory and other property donated by a
<br />corporation that are "qualified contributions" for the care
<br />of the ill, the needy, or infants, within the meaning of
<br />section 170(e)(3)(A), or
<br />6. Stock in trade, inventory, or property held primarily
<br />for sale to customers in the ordinary course of your trade
<br />or business.
<br />Although a written appraisal is not required for the
<br />types of property just listed, you must provide certain
<br />information in Part 1 of Section B (see the instructions for
<br />line 5 on this page) and have the donee organization
<br />complete Part IV.
<br />Art valued at $20,000 or more. If your total deduction
<br />for art is $20,000 or more, you must attach a complete
<br />copy of the signed appraisal. For individual objects
<br />valued at $20,000 or more, a photograph must be
<br />provided upon request. The photograph must be of
<br />sufficient quality and size (preferably an 8 x 10 inch color
<br />photograph or a color transparency no smaller than 4 x 5
<br />inches) to fully show the object.
<br />Clothing and household items not in good used
<br />condition. You must include with your return a qualified
<br />appraisal of any single item of clothing or any household
<br />item that is not in good used condition or better, that you
<br />donated after August 17, 2006, and for which you deduct
<br />more than $500. The appraisal is required whether the
<br />donation is reportable in Section A or Section B. See
<br />Clothing and household items on page 3.
<br />Easements on buildings in historic districts. If you
<br />claim a deduction for a qualified conservation contribution
<br />in a tax year beginning after August 17, 2006, for an
<br />easement on the exterior of a building in a registered
<br />historic district, you must include a qualified appraisal,
<br />photographs, and certain other information with your
<br />return. See Easements on buildings in historic districts on
<br />page 3.
<br />Deduction of more than $500,000. If you claim a
<br />deduction of more than $500,000 for an item (or group of
<br />similar items) donated to one or more donees, you must
<br />attach a qualified appraisal of the property to your return
<br />unless an exception applies. See Exceptions beginning
<br />on page 4.
<br />Appraisal Requirements
<br />The appraisal must be made by a qualified appraiser (as
<br />defined on page 6) in accordance with generally
<br />accepted appraisal standards. It also must meet the
<br />relevant requirements of Regulations section
<br />1.170A- 13(c)(3) and Notice 2006-96. Notice 2006 -96,
<br />2006 -46 I.R.B. 902, is available at
<br />www.irs.gov/irb/2006-46 IRB /arl3.html.
<br />The appraisal must be made not earlier than 60 days
<br />before the date you contribute the property. You must
<br />receive the appraisal before the due date (including
<br />extensions) of the return on which you first claim a
<br />deduction for the property. For a deduction first claimed
<br />on an amended return, the appraisal must be received
<br />before the date the amended return was filed.
<br />A separate qualified appraisal and a separate Form
<br />8283 are required for each item of property except for an
<br />item that is part of a group of similar items. Only one
<br />appraisal is required for a group of similar items
<br />contributed in the same tax year, if it includes all the
<br />required information for each item. The appraiser may
<br />group similar items with a collective value appraised at
<br />$100 or less.
<br />If you gave similar items to more than one donee for
<br />which you claimed a total deduction of more than $5,000,
<br />you must attach a separate form for each donee.
<br />Example. You claimed a deduction of $2,000 for
<br />books given to College A, $2,500 for books given to
<br />College 8, and $900 for books given to a public library.
<br />You must attach a separate Form 8283 for each donee.
<br />Line 5
<br />Note. You must complete at least column (a) of line 5
<br />(and column (b) if applicable) before submitting Form
<br />8283 to the donee. You may then complete the remaining
<br />columns.
<br />Column (a). Provide a detailed description so a person
<br />unfamiliar with the property could be sure the property
<br />that was appraised is the property that was contributed.
<br />The greater the value of the property, the more detail you
<br />must provide.
<br />Column (c). Include the FMV from the appraisal. If you
<br />were not required to get an appraisal, include the FMV
<br />you determine to be correct.
<br />Columns (d) —(f). If you have reasonable cause for not
<br />providing the information in columns (d), (e), or (f), attach
<br />an explanation so your deduction will not automatically
<br />be disallowed.
<br />Column (g). A bargain sale is a transfer of property that
<br />is in part a sale or exchange and in part a contribution.
<br />Enter the amount received for bargain sales.
<br />Column (h). Complete column (h) only if you were not
<br />required to get an appraisal, as explained earlier.
<br />Column (i). Complete column (i) only if you donated
<br />securities for which market quotations are considered to
<br />be readily available because the issue satisfies the five
<br />requirements described in Regulations section
<br />1 .170A -13 (c) (7) (xi) (B).
<br />Part I1, Taxpayer (Donor) Statement
<br />Complete Section B, Part II, for each item included in
<br />Section 8, Part I, that has an appraised value of $500 or
<br />less. Because you do not have to show the value of
<br />these items in Section 8, Part I, of the donee's copy of
<br />Form 8283, clearly identify them for the donee in Section
<br />8, Part II. Then, the donee does not have to file Form
<br />8282, Donee Information Return, for items valued at
<br />$500 or less. See the Note beginning on page 6 for more
<br />details about filing Form 8282.
<br />The amount of information you give in Section B, Part
<br />II, depends on the description of the donated property
<br />you enter in Section B, Part I. If you show a single item
<br />as "Property A" in Part 1 and that item is appraised at
<br />$500 or less, then the entry "Property A" in Part II is
<br />enough. However, if "Property A" consists of several
<br />items and the total appraised value is over $500, list in
<br />Part II any item(s) you gave that is valued at $500 or
<br />less.
<br />All shares of nonpublicly traded stock or items in a set
<br />are considered one item. For example, a book collection
<br />by the same author, components of a stereo system, or
<br />-5-
<br />- 1 2 -
<br />
|