Dispositions of donated property.
If an organization receives charitable deduction property
and within 2 years sells, exchanges, or disposes of the
property, the organization must file Form 8282, Donee
Information Return. However, an organization is not required to
file Form 8282 if :
- The property is valued at $500 or less, or
- The property is distributed for charitable purposes.
Form 8282 must be filed within 125 days after the disposition. A
copy of Form 8282 must be given to the previous donor. If the
organization fails to file the required information return, penalties
may apply.
Charitable deduction property.
This is any property (other than money or publicly traded
securities) for which the donee organization signed an
appraisal summary or Form 8283, Noncash
Charitable Contributions.
Publicly traded securities.
These are securities for which market quotations are readily
available on an established securities market as of the date of the
contribution.
Appraisal summary.
If the value of the donated property exceeds $5,000, the donor must
get a qualified appraisal for contributions of property (other than
money or publicly traded securities). The donee organization is not a
qualified appraiser for the purpose of valuing the donated property.
For more information, get Publication 561,
Determining the Value
of Donated Property.
Form 8283.
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. The person who signs for the donee must be an official
authorized to sign the donee's tax or information returns, or a person
specifically authorized to sign by that official. The signature does
not represent concurrence in the appraised value of the contributed
property. A signed acknowledgement represents receipt of the property
described on Form 8283 on the date specified on the form. The
signature also indicates knowledge of the information reporting
requirements on dispositions, as previously discussed. A copy of Form
8283 must be given to the donee.
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