Form 8282

Form 8282

A form that one files with the IRS providing information on the recipient of an item or other asset donated to charity. This information may affect whether the value of the item or asset is tax deductible. The form has spaces for the original recipient as well as any successor recipients.
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Form 8282 must be filed when any property, which required an appraisal when it was contributed to the CRT, is subsequently sold within two years of the contribution.
The purpose of Form 8282 is to allow the IRS to compare the value of the property claimed as a deduction by the donor to the value the trustee actually received upon disposition of the property.
This is viewed as a simplification proposal, as it would eliminate any need for appraisals and Form 8282. The proposal would not apply to any type of property subject to other rules as to deductibility (other limitations or enhanced deductions).
There would be a recapture rule if you dispose of the property within three years of receipt, which would still require Form 8282, with the trigger amount reduced to $500 from $5,000.
The IRS also enacted a program to begin matching Form 8283, Noncash Charitable Contributions (which is completed by a donor making a noncash charitable contribution over $500) against Form 8282, Donee Information Form (Sale, Exchange, or Other Disposition of Donated Property) (winch is completed by a charitable organization accepting a noncash donation over $500).
If the charity disposes of donated property within two years of the contribution, the property's value is more than $500, and the property has not been consumed or distributed for charitable purposes, the charity must file Form 8282, Donee Information Return, with the IRS within 125 days after the date of disposition.
If you receive a property donation worth more than $5,000, and you dispose of the item within two years, you are required to file Form 8282 with the IRS.
However, the recipient charitable organization would be required to complete Form 8282, Donee Information Return, and submit it to the IRS if it disposed of the property within two years of receipt.
Charities are required to file Form 8282, Donee Information Return (Sale, Exchange or Other Disposition of Donated Property), if they dispose of the property within two years and if the donation was valued at more than $5,000 and acknowledged on Form 8283.
However, if you receive a donation valued at more than $5,000, and you acknowledge it on Form 8283, you are required to file Form 8282 if you dispose of the property within two years.