Form 8283-V

What Is Form 8283-V: Payment Voucher for Filing Fee Under Section 170(f)(13)?

Form 8283-V: Payment Voucher for Filing Fee Under Section 170(f)(13) is a tax form completed by taxpayers claiming a charitable contribution surpassing $10,000 of an easement on the outside of a historic building. Form 8283-V is shipped off the Internal Revenue Service (IRS) alongside a filing fee of $500 per charitable contribution of an easement.

Who Can File Form 8283-V: Payment Voucher for Filing Fee Under Section 170(f)(13)?

The requirement for Form 8283-V: Payment Voucher for Filing Fee Under Section 170(f)(13) emerges when the owner of a registered historic building, which could incorporate a home, makes a deal to avoid changing the building's outside.

A easement is a legal agreement between a property owner and another party. For example, an easement could give one rancher access to water on a neighbor's property, and the easement could require the rancher to pay the neighbor for the right to utilize the land.

On account of a charitable easement on a historic building, however, the property owner puts limitations on changes that can be made to the building outside and gives a qualified organization, for example, a historic trust, the authority to uphold the easement. The owner holds ownership and doesn't receive money in exchange.

This type of easement helps preserve the historic property and hold its validness. Since the building takes on limitations and diminished market value, property owners are eligible for a tax deduction equivalent to the fair market value of the easement. Taxpayers started receiving a tax break on charitable contributions of easements after Congress passed the Federal Historic Preservation Tax Incentives Program in 1976, determined to preserve the country's design legacy.

To fit the bill for a tax deduction on the charitable contribution of an easement, the building must be a certified historic structure. These properties incorporate any building listed in the National Historic Register or any building situated in a historic district and certified by the U.S. Secretary of the Interior. The easement additionally must limit any changes to the outside that would be conflicting with its historical period. Charitable easements must likewise benefit the public, so the front of the building must be visually accessible.

To receive the deduction for a charitable contribution, the filing fee of $500 must be paid to the IRS. Every property that meets the charitable contribution requirements conveys with it an extra filing fee. In this way, for instance, two properties guaranteed by a taxpayer would require a $1,000 filing fee.

The filing fee is $500 per charitable contribution of an easement.

The most effective method to File Form 8283-V: Payment Voucher for Filing Fee Under Section 170(f)(13)

To file, mail in Form 8283-V: Payment Voucher for Filing Fee Under Section 170(f)(13) with your check or money order for the filing fee.

Different Types of Preservation Easements

While Form 8283-V relates to charitable contributions of easements on the outside of historic buildings, other charitable contributions of easements may likewise be tax deductible.

A few other comparable types of preservation and conservation easements include:

• Historic structures, like scaffolds or dams
• Historically important land, including social landscapes, front lines, and archeological locales
• Open-space or natural territories, for example, farmland or land utilized for public amusement

Features

• Every property that meets the charitable contribution requirements conveys with it an extra filing fee.
• Form 8283-V is completed by taxpayers claiming a charitable contribution surpassing $10,000 of an easement on the outside of a historic building.
• The owner of a registered historic building, which could incorporate a home, makes a deal to avoid modifying the building's outside.