Form 8282 - Page 2

What is form 8282?

Form 8282 is a document used by taxpayers to report the sale or disposition of certain donated property. It is specifically designed for individuals or organizations who have received charitable contributions and later sell or dispose of the donated property. This form helps the Internal Revenue Service (IRS) monitor the use of donated property and ensures compliance with tax regulations.

What are the types of form 8282?

There are two types of form 8282: 1. Initial Form 8282: This is the form used to report the initial sale or disposition of donated property. It must be filed within 125 days after the date of sale or disposition. 2. Annual Form 8282: This form is used to report additional information about the donated property if there is any increase in the income tax deduction claimed for the property in prior years.

Initial Form 8282
Annual Form 8282

How to complete form 8282

Completing form 8282 may seem complex, but with the right guidance, it can be straightforward. Here are the steps to complete form 8282:

01
Enter your personal information, including name, address, and taxpayer identification number.
02
Provide details about the donated property, such as its description, date of contribution, and fair market value.
03
Include information about the sale or disposition of the property, including the date and sale amount.
04
Calculate the income tax deduction you claimed for the donated property in prior years.
05
Submit the completed form to the IRS within the required time frame.

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Video Tutorial How to Fill Out form 8282

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Questions & answers

Non-cash donations. The deductible limit for non-cash donations falls between 20% and 50% of your AGI, depending on the type of non-cash donation that's being made. Non-cash donations include the following types of property: New or used clothing or other household items and food. New or used vehicles.
Original and successor donee organizations must file Form 8282 if they sell, exchange, consume, or otherwise dispose of (with or without consideration) charitable deduction property (or any portion) within 3 years after the date the original donee received the property.
Click the three dots at the top of the screen and select Lines 12-19. Scroll down to the Other Deductions (13) section. Locate the Charitable Contributions (8) subsection. Enter the contributions in the appropriate fields under Cash or Noncash.
If you deduct at least $500 worth of noncash donations: Fill out Form 8283 if you'll deduct at least $500 in donated items. Additionally, you must attach an appraisal of your items to the form if they're worth more than $5,000 total.
Completing Form 8283 Write the name and address of the organization you donated to in column (a) for lines A through E. If the item you donated is a vehicle, check the top box in column (b) and write the vehicle identification number (VIN) in the second line of boxes in this column.
For noncash donations over $5,000, the donor must attach Form 8283 to the tax return to support the charitable deduction. The donee must sign Part IV of Section B, Form 8283 unless publicly traded securities are donated.