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

2. Securities regularly traded in

Form 8283—Inventory

the more detail that is needed. For

national or regional over-the-counter

example, a car should be described in

$8,000

Contribution deduction

markets for which published quotations

more detail than pots and pans.

- $5,000

COGS (if sold, not donated)

are available, or

For securities, include the following:

=$3,000

For Form 8283 filing

3. Securities that are shares of a

Name of the issuer,

purposes

mutual fund for which quotations are

Kind of security,

published on a daily basis in a

If it is a share of a mutual fund, and

Specific Instructions

newspaper of general circulation

If it is regularly traded on a stock

throughout the United States.

Identifying Number

exchange or in an over-the-counter

Section B

market.

Individuals must enter their social

Include in Section B only items (or

Note: If the amount you claimed as a

security number. All other filers should

groups of similar items) for which you

deduction for the item is $500 or less,

enter their employer identification

claimed a deduction of more than

columns (d), (e), and (f) do not have to

number.

$5,000 (except for certain publicly

be completed.

traded securities reportable in

Partnerships and S Corporations

Column (d).—Enter the approximate

Section A).

date you acquired the property. If it was

A partnership or S corporation that

With certain exceptions, items

created, produced, or manufactured by

claims a deduction for noncash gifts of

reported in Section B will require

or for you, enter the date it was

over $500 must file Form 8283 with

information based on a written appraisal

substantially completed.

Form 1065 or 1120S. If the total

by a qualified appraiser.

deduction of any item or group of similar

Column (e).—State how you acquired

items exceeds $5,000, the partnership

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

Similar Items of Property

or S corporation must complete Section

inheritance, or exchange).

Similar items of property are items of the

B of Form 8283 even if the amount

Column (f).—Do not complete this

same generic category or type, such as

allocated to each partner or shareholder

column for publicly traded securities or

stamp collections, coin collections,

does not exceed $5,000.

property held 12 months or more. Keep

lithographs, paintings, books,

The partnership or S corporation must

records on cost or other basis.

nonpublicly traded stock, land, or

give a completed copy of Form 8283 to

Note: If you have reasonable cause for

buildings.

each partner or shareholder who

not providing the acquisition date in

Example. You claimed a deduction of

receives an allocation of the contribution

column (d), or the cost basis when

$400 for clothing, $7,000 for publicly

deduction shown in Section B of the

required in column (f), attach an

traded securities (quotations published

partnership’s or S corporation’s Form

explanation.

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

8283.

Column (g).—Enter the FMV of the

books ($400 for each book). Report the

property on the date you donated it. If

Partners and Shareholders

clothing and the securities in Section A

you were required to reduce the FMV of

and the books (a group of similar items)

The partnership or S corporation will

your deduction or you gave a qualified

in Section B.

provide information about your share of

conservation contribution, you must

the contribution on your Schedule K-1

Special Rule for Contributions of

attach a statement. FMV, reductions to

(Form 1065 or Form 1120S).

Inventory and Scientific Equipment by

FMV, and the type of statement you may

In some cases, the partnership or S

Certain C Corporations

have to attach are explained on page 1.

corporation must give you a copy of its

Column (h).—Enter the method(s) used

A special rule applies for deductions

Form 8283. In these cases, attach a

to determine the FMV of your donation.

taken by certain C corporations under

copy of the Form 8283 you received to

FMV of used household goods and

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

your tax return. Deduct the amount

clothing is usually much lower than

of inventory or scientific equipment. To

shown on your Schedule K-1, not the

when new. For this reason, standard

determine if you must file Form 8283, or

amount shown on the Form 8283.

formulas or methods to value this kind

which section to complete, take into

If the partnership or S corporation is

of property are generally not appropriate.

account only the amount claimed as a

not required to give you a copy of its

deduction in excess of the amount you

A good measure of value might be the

Form 8283, combine the amount of

would have deducted as cost of goods

price that buyers of these used items

noncash contributions shown on your

sold (COGS) had you sold the property

actually pay in consignment or thrift

Schedule K-1 with your noncash

instead. This rule is only for purposes of

shops.

contributions to see if you must file

Form 8283. It does not change the

Examples of entries to make include

Form 8283. If you need to file Form

amount or method of computing your

“Appraisal,” “Thrift shop value” (for

8283, you do not have to complete all

contribution deduction.

clothing or household goods), “Catalog”

the information requested in Section A

If you do not have to file Form 8283

(for stamp or coin collections), or

for your share of the partnership’s or S

because of this rule, you must attach a

“Comparable sales” (for real estate and

corporation’s contributions. Do not

statement to your tax return (similar to

other kinds of assets). See Pub. 561.

complete line 1, columns (a)–(f) and (h).

the one in the example below). Also,

Instead, write “From Schedule K-1 (Form

Part II, Other Information

attach a statement if you must complete

1065 or Form 1120S)” across columns

Section A instead of Section B because

If Part II applies to more than one

(c)–(f). Enter your share of the

of this rule.

property, attach a separate statement.

contribution on line 1, column (g).

Example. You donated clothing from

Give the required information for each

your inventory for the care of the needy.

property separately. Identify which

Section A

The clothing cost you $5,000 and your

property listed in Part I the information

claimed charitable deduction is $8,000.

relates to.

Part I, Information on Donated

Complete Section A instead of Section

Property

Lines 2a–2e

B since the excess of the deduction

over what would have been your COGS

Line 1

Complete lines 2a–2e only if you

deduction is $3,000 ($8,000 – $5,000).

contributed less than the entire interest

Column (b).—Describe the property in

Attach a statement to Form 8283 similar

in the donated property during the tax

sufficient detail. The greater the value,

to the following:

year. Enter on line 2b the amount

Page 2

Instructions For Form 8283 Page 2

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