Instructions For Form 8283 (Page 2 of 4) in pdf

The capital gain property is

Example. You claimed a deduction of

For securities, include the following:

contributed to certain private

$400 for clothing, $7,000 for publicly

Name of the issuer,

nonoperating foundations,

traded securities (quotations published

Kind of security,

daily), and $6,000 for a collection of 15

You choose the 50% limit instead of

If it is a share of a mutual fund, and

books ($400 for each book). Report the

the special 30% limit, or

If it is regularly traded on a stock

clothing and the securities in Section A

The contributed property is tangible

exchange or in an over-the-counter

and the books (a group of similar items)

personal property that is put to an

market.

in Section B.

unrelated use by the charity.

Note: If the amount you claimed as a

Special Rule for Contributions of

Qualified Conservation Contribution.—

deduction for the item is $500 or less,

Inventory and Scientific Equipment by

If your donation qualifies as a “qualified

you don’t have to complete columns (d),

Certain C Corporations

conservation contribution” under section

(e), and (f).

170(h), attach a statement that shows

A special rule applies for deductions

Column (d).—Enter the approximate

the claimed FMV of the underlying

taken by certain C corporations under

date you acquired the property. If it was

property before and after the gift and the

section 170(e)(3) or (4) for contributions

created, produced, or manufactured by

conservation purpose furthered by the

of inventory or scientific equipment. To

or for you, enter the date it was

gift.

determine if you must file Form 8283, or

substantially completed.

which section to complete, use the

Which Sections To Complete

Column (e).—State how you acquired

difference between the amount you

the property (i.e., by purchase, gift,

If you must file Form 8283, you may

claimed as a deduction and the amount

inheritance, or exchange).

need to complete Section A, Section B,

you would have claimed as cost of

or both, depending on the type of

Column (f).—Do not complete this

goods sold (COGS) had you sold the

column for publicly traded securities or

property donated and the amount

property instead. This rule is only for

claimed as a deduction.

property held 12 months or more. Keep

purposes of Form 8283. It does not

records on cost or other basis.

change the amount or method of

Section A

figuring your contribution deduction.

Note: If you have reasonable cause for

Include in Section A only items (or

not providing the infor mation in columns

If you do not have to file Form 8283

groups of similar items as defined on

(d) and (f), attach an explanation.

because of this rule, you must attach a

this page) for which you claimed a

statement to your tax return (similar to

Column (g).—Enter the FMV of the

deduction of $5,000 or less per item (or

the one in the example below). Also,

property on the date you donated it. If

group of similar items). Also, include the

attach a statement if you must complete

you were required to reduce the FMV of

following publicly traded securities even

Section A instead of Section B because

your deduction or you gave a qualified

if the deduction is more than $5,000.

of this rule.

conservation contribution, you must

1. Securities listed on an exchange in

attach a statement. See page 1 for FMV,

Example. You donated clothing from

which quotations are published daily,

reductions to FMV, and the type of

your inventory for the care of the needy.

statement you may have to attach.

2. Securities regularly traded in

The clothing cost you $5,000 and your

national or regional over-the-counter

claimed charitable deduction is $8,000.

Column (h).—Enter the method(s) used

markets for which published quotations

Complete Section A instead of Section

to determine the FMV of your donation.

are available, or

B because the difference between the

FMV of used household goods and

amount you claimed as a charitable

clothing is usually much lower than

3. Securities that are shares of a

deduction and the amount that would

when new. For this reason, standard

mutual fund for which quotations are

have been your COGS deduction is

formulas or methods to value this kind

published on a daily basis in a

$3,000 ($8,000 – $5,000). Attach a

of property are generally not appropriate.

newspaper of general circulation

statement to Form 8283 similar to the

throughout the United States.

A good measure of value might be the

following:

price that buyers of these used items

Section B

actually pay in consignment or thrift

Form 8283—Inventory

Include in Section B only items (or

shops.

$8,000

Contribution deduction

groups of similar items) for which you

Examples of entries to make include

claimed a deduction of more than

- $5,000

COGS (if sold, not donated)

“Appraisal,” “Thrift shop value” (for

$5,000 (except for certain publicly

clothing or household goods), “Catalog”

=$3,000

For Form 8283 filing

traded securities reportable in

(for stamp or coin collections), or

purposes

Section A).

“Comparable sales” (for real estate and

With certain exceptions, items

other kinds of assets). See Pub. 561.

Specific Instructions

reported in Section B will require

Part II, Other Information

information based on a written appraisal

Identifying Number

by a qualified appraiser.

If Part II applies to more than one

Individuals must enter their social

property, attach a separate statement.

Instructions For Form 8283 Page 2

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