Comments on: Forms 8282 and 8283, Who is responsible for filing these forms? http://www.missionaccountable.com/2009/01/18/forms-8282-and-8283-who-is-responsible-for-filing-these-forms/ a blog for tax-exempt organizaitons serving the needs of Ft Worth and surrounding communities Tue, 24 Aug 2010 15:17:40 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Nancy http://www.missionaccountable.com/2009/01/18/forms-8282-and-8283-who-is-responsible-for-filing-these-forms/comment-page-1/#comment-788 Nancy Fri, 19 Mar 2010 16:05:36 +0000 http://www.missionaccountable.com/?p=70#comment-788 What happens on the Form 8282 if only half of the property that was donated is sold, and at a loss from the original appraised value? What happens on the Form 8282 if only half of the property that was donated is sold, and at a loss from the original appraised value?

]]> By: Jamie Graham http://www.missionaccountable.com/2009/01/18/forms-8282-and-8283-who-is-responsible-for-filing-these-forms/comment-page-1/#comment-768 Jamie Graham Tue, 09 Feb 2010 16:06:13 +0000 http://www.missionaccountable.com/?p=70#comment-768 Jamie these are very good questions and hopefully we can provide the following guidance: 1. Form 8283 (Section B - Part III) requires the appraiser's identification number. The instructions say to include the qualified appraiser's taxpayer identification number which is either the social security number or employer identification number. The instructions also provide guidance on the types of qualified appraisers. 2. If the donor obtained a qualified (see instructions on qualified) appraisal, he/she may deduct the appraised value. If the property is not used in the Charity's exempt operations, and sold during 2009, then the charitable deduction is limited to the donor's tax basis. If the Charity sells or otherwise disposes of the rings within 3 years of the original donation, the donor is required to include as income, the difference between the claimed deduction and the donor's tax basis. However, there are certain exceptions. 3. If the rings are sold/disposed during the following 3 year period, the Charity reports this information on Form 8282, and a copy of this form should be provided to the donor. We hope this helps in following the required reporting of contributed property. Jamie these are very good questions and hopefully we can provide the following guidance:

1. Form 8283 (Section B – Part III) requires the appraiser’s identification number. The instructions say to include the qualified appraiser’s taxpayer identification number which is either the social security number or employer identification number. The instructions also provide guidance on the types of qualified appraisers.

2. If the donor obtained a qualified (see instructions on qualified) appraisal, he/she may deduct the appraised value. If the property is not used in the Charity’s exempt operations, and sold during 2009, then the charitable deduction is limited to the donor’s tax basis. If the Charity sells or otherwise disposes of the rings within 3 years of the original donation, the donor is required to include as income, the difference between the claimed deduction and the donor’s tax basis. However, there are certain exceptions.

3. If the rings are sold/disposed during the following 3 year period, the Charity reports this information on Form 8282, and a copy of this form should be provided to the donor.

We hope this helps in following the required reporting of contributed property.

]]> By: Jamie http://www.missionaccountable.com/2009/01/18/forms-8282-and-8283-who-is-responsible-for-filing-these-forms/comment-page-1/#comment-747 Jamie Sun, 24 Jan 2010 19:18:57 +0000 http://www.missionaccountable.com/?p=70#comment-747 I have a question about Form 8283 - two actually. I donated two rings to a non-profit organization in December of 2009 and now I am trying to figure out what to do with it on turbotax. Problem #1: I entered in the appraisal information, but it only seems to accept the appraiser's ss#, not her gemologist i.d. number, or the jeweler's taxpayer i.d.number. The appraiser is a little uncomfortable with giving me her ss# and I don't blame her. Is this necessary? Problem#2: The rings appraised for $6,100, but the lady at the non-profit place advised that I may not want to deduct $6,100, because they usually don't sell the items for their full appraisal value. So, what do I do? Do I estimate the resale as a percentage of the appraisal value? What happens if I am wrong once they sell the rings and file the 8282? Does the IRS penalize me for guessing? Thanks in advance... Jamie I have a question about Form 8283 – two actually.
I donated two rings to a non-profit organization in December of 2009 and now I am trying to figure out what to do with it on turbotax.
Problem #1: I entered in the appraisal information, but it only seems to accept the appraiser’s ss#, not her gemologist i.d. number, or the jeweler’s taxpayer i.d.number. The appraiser is a little uncomfortable with giving me her ss# and I don’t blame her. Is this necessary?

Problem#2: The rings appraised for $6,100, but the lady at the non-profit place advised that I may not want to deduct $6,100, because they usually don’t sell the items for their full appraisal value. So, what do I do? Do I estimate the resale as a percentage of the appraisal value? What happens if I am wrong once they sell the rings and file the 8282? Does the IRS penalize me for guessing?

Thanks in advance…

Jamie

]]> By: Louis Loya http://www.missionaccountable.com/2009/01/18/forms-8282-and-8283-who-is-responsible-for-filing-these-forms/comment-page-1/#comment-644 Louis Loya Sat, 09 Jan 2010 22:26:40 +0000 http://www.missionaccountable.com/?p=70#comment-644 I just wanted to drop you a line and let you know that I really have enjoyed your well-written articles. I have bookmarked this site and will definitely be checking back for new posts. I just wanted to drop you a line and let you know that I really have enjoyed your well-written articles. I have bookmarked this site and will definitely be checking back for new posts.

]]> By: Jack Duvall http://www.missionaccountable.com/2009/01/18/forms-8282-and-8283-who-is-responsible-for-filing-these-forms/comment-page-1/#comment-556 Jack Duvall Tue, 17 Nov 2009 23:15:24 +0000 http://www.missionaccountable.com/?p=70#comment-556 I read about this on a different website and didn't see the point, but this post makes it easier to understand. Many thanks! I read about this on a different website and didn’t see the point, but this post makes it easier to understand. Many thanks!

]]> By: Jamie Graham http://www.missionaccountable.com/2009/01/18/forms-8282-and-8283-who-is-responsible-for-filing-these-forms/comment-page-1/#comment-71 Jamie Graham Mon, 23 Mar 2009 20:37:53 +0000 http://www.missionaccountable.com/?p=70#comment-71 Great question Melissa. Per IRS [IRC Sec. 6050L(a)], the amount received on the disposition should be listed on Form 8282 under Section III, line 8. The IRS does not specifically state if the amount received should include the gross amount of the sale or the net amount after selling expenses. The gross amount should be reflected on line 8. The IRS compares information reported by the donor on Form 8283 with the amounts reported by the donee on Form 8282. Reporting the net proceeds on Form 8282 wouldn't give a fair valuation for comparison purposes. Therefore, if the organization sold an asset through an auction house for $20,000 with commissions and fees of $1,000. The organization would receive $19,000 from the sale, but report the full $20,000 of gross proceeds as the amount received upon sale on Form 8282 Section III, line 8. Great question Melissa.

Per IRS [IRC Sec. 6050L(a)], the amount received on the disposition should be listed on Form 8282 under Section III, line 8. The IRS does not specifically state if the amount received should include the gross amount of the sale or the net amount after selling expenses.

The gross amount should be reflected on line 8. The IRS compares information reported by the donor on Form 8283 with the amounts reported by the donee on Form 8282. Reporting the net proceeds on Form 8282 wouldn’t give a fair valuation for comparison purposes.

Therefore, if the organization sold an asset through an auction house for $20,000 with commissions and fees of $1,000. The organization would receive $19,000 from the sale, but report the full $20,000 of gross proceeds as the amount received upon sale on Form 8282 Section III, line 8.

]]> By: Melissa http://www.missionaccountable.com/2009/01/18/forms-8282-and-8283-who-is-responsible-for-filing-these-forms/comment-page-1/#comment-62 Melissa Mon, 16 Mar 2009 13:38:07 +0000 http://www.missionaccountable.com/?p=70#comment-62 I have a question about form 8282. We received a painting that was sold at auction. It sold for $X but we received $Y (it was $X less commission and fees). What amount goes in Section III, line 8? Should it be the gross amount that is sold for ($X) or the net amount that we received ($Y)? Thank you for any assistance. I have a question about form 8282. We received a painting that was sold at auction. It sold for $X but we received $Y (it was $X less commission and fees). What amount goes in Section III, line 8? Should it be the gross amount that is sold for ($X) or the net amount that we received ($Y)? Thank you for any assistance.

]]> By: Visitor http://www.missionaccountable.com/2009/01/18/forms-8282-and-8283-who-is-responsible-for-filing-these-forms/comment-page-1/#comment-46 Visitor Wed, 04 Mar 2009 17:23:18 +0000 http://www.missionaccountable.com/?p=70#comment-46 Very helpful. Very helpful.

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