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Form 8282

Form 8282
Personal FinanceTaxesCharitable Donations

What Is Form 8282: Donee Information Return (Sale, Exchange, or Disposition of Donated Property)?

Form 8282: Donee Information Return (Sale, Exchange, or Disposition of Donated Property) is an IRS tax form utilized by benefactor organizations to report the sale or disposition of charitable deduction property — other than money and publicly traded securities — to both the IRS and to givers. Form 8282 is utilized by both the original organization and the replacement organizations that received a piece of property (assuming that the property is discarded in something like three years of the original donation).

Who Can File Form 8282: Donee Information Return (Sale, Exchange, or Disposition of Donated Property)?

Original donee and replacement donee organizations must file Form 8282 assuming that they sell, exchange, consume, or discard charitable deduction property (or any portion) in no less than three years after the date the original donee received the property. The original donee is the first donee to or for which the giver gave the property. The replacement donee is any donee of property other than the original donee.

The IRS believes charitable deduction property to be any given property (with the exception of money and publicly traded securities) gave by the giver to at least one donee organizations assuming the guaranteed value surpasses $5,000 per thing (or group of comparable things).

The original donee is likewise required to sign Form 8283, Noncash Charitable Contributions, Section B Donated Property Over $5,000 (Except Certain Publicly Traded Securities), introduced by the giver for charitable deduction property.

Exceptions for Form 8282: Donee Information Return (Sale, Exchange, or Disposition of Donated Property)

There are two events when an organization doesn't have to file Form 8282. The first happens when the thing being given has an appraised value of under $500. In any case, there is some of the time confusion about how to treat things that constitute a set, and whether they ought to be dealt with individually or on the whole.

For instance, an organization is giving four place settings of fine china with a similar pattern. Every individual place setting has an appraised value of $300. All in all, given that the value of a place setting is below $500, does the donee need to give a Form 8282 to the successive organization? The response is yes. As the place settings have a similar pattern and are being given to similar beneficiary, they are viewed as a set, or one thing with an appraised value of $1,200. Essentially, all shares of non-publicly traded stock are viewed as one thing.

The second exception to filing a Form 8282 is in the event that the gave things are discarded or distributed in satisfying an organization's purpose as a tax-exempt entity. Models incorporate school supplies distributed by an instruction related charity or clinical supplies given by a tax-exempt relief organization for disaster casualties.

Form 8282 is accessible on the IRS website.

Step by step instructions to File Form 8282: Donee Information Return

The original organization that received the property (the original donee) must give Form 8282 to the replacement organization that is currently getting the property (the replacement donee). The original donee must complete Identifying Information, Part I (lines 1a-1d and, if applicable, lines 2a-2d), and Part III. The replacement donee must complete Identifying Information, Part I, Part II, and Part III.

A copy of Form 8283, which was endorsed by the contributor at the hour of the donation to the original organization, must likewise be given in the span of 15 days of the disposition. The replacement organization must give the original organization a document outlining the date the transfer of property was received, and the original contributor must be given a copy of Form 8282.

You ought to mail Form 8282 to this address: Department of Treasury, Internal Revenue Service Center, Ogden, UT 84201-0027.

A contributor organization is subject to a penalty in the event that it forgets to file Form 8282 in the span of 15 days of a donation, assuming it neglects to remember all vital information for the filed form, or on the other hand assuming the information gave on the form is off base. The penalty in these occurrences is generally $50 per form. Any giver organization that deceitfully distinguishes the exempt utilization of substantial personal property that was sold, exchanged, or generally discarded is subject to a $10,000 fine.

On the off chance that an organization sells or discards property as a motor vehicle, boat, or plane, it ought to allude to IRS [Publication 526](/irs-bar 561) for more information.

Features

  • A giver organization is subject to a penalty on the off chance that it forgets to file Form 8282 in no less than 15 days of a donation, on the off chance that it neglects to remember all vital information for the filed form, or on the other hand assuming the information gave on the form is erroneous.
  • There are two events when an organization doesn't have to file Form 8282.
  • Original and replacement organizations that received a piece of property use Form 8282 assuming that the property is discarded in something like three years of the original donation.