Tax Experts: Questions regarding Noncash Charitable Conributions?

Question

Tax Experts: I made 4 separate noncash charitable contributions to the same organization in 2006. The FMV of each contribution was more than $250 but less than $500. Since the total contribution to his organization exceeds $500, I understand that I must complete form 8283. However, I would like to know if I need to fill out columns D, E, F under Part I. Also for audit purposes, is the receipt that I received from the organization sufficient documentation? I didn't have to keep the original receipts and pictures, right?

Answer 1

Yes. You do have to answer columns D, E and F under part I.

You can put "Various" under column D
Put "Purchased" if you bought them or however you acquired the items you donated.
If you no longer has the receipts from when you acquired these items, then make a good estimate. The cost basis generally include your original purchase price + cost of fixing the item up.

On the receipt from the charity organization write down as much detail as you can about the item(s) you donated, i.e. what they are, how much you are claiming.

You do not have to list every individual item separately. You can lump for example men's clothing in one line.

Best wishes.

Answer 2

No, you just need the date, description, charity, address, and dollar value. You only need the other information if the donation is over $500. I work for Jackson Hewitt and we only request the purchase information for donations over $500.

Unless you are claiming the purchase price of the contribution, you won't need the original receipts. Most of us don't make purchases with the intention of donating them to charity later. If it is a very valuable item, I would keep the original receipt though. That way you have documentation both for insurance purposes and if you decide to donate it later.

Answer 3

You need the acknowledgment letter from the recipient organization as well as evidence of your claimed value of the property donated.