Form 8283 -Large Item Donations
Form 8283 -Large Item Donations Item donations are donations of property you give to qualified charities. Item donations include things like: Clothing Household goods Stock Artwork You can usually deduct the fair market value (FMV) of an item in the year you donate it. You’re required to get an appraisal and submit it with your return if both of these are true: The value of a household item you donate is more than $500. The item isn’t in good condition. If you’re donating an item worth more than $500, you need to know the basis of the property. For most items, this is the amount you paid for the donated item. This must take into account any additions or subtractions from basis while you held the property. If you received the item as a gift, your basis in the property is the donor’s basis plus any gift taxes paid. If you inherited the item, your basis will depend on the deceased’s date of death. Use these rules: The basis in the inherited property will usually be stepped up to the F